Peninsula Renews European Credit Facility - Peninsula360
by Liz Seyi Digital marketing managerBunker Supply - Peninsula,
one of the leading global marine energy suppliers, has confirmed the renewal of
its syndicated $350 million European credit facility. The facility includes an
increase in the 2 year committed tranche from $140 million to $210 million,
representing the syndicate’s continued endorsement and confidence in
Peninsula’s business model.
RBS remains as facility agent together with HSBC,
Bankinter, Lloyds and UBS as existing lenders. The renewed facility sees the
introduction of another top tier participant, Citibank, to the lending
syndicate. During the Covid-19 pandemic there has been a tightening of credit
conditions in the market, with several banks pulling out of facilities and
reducing exposure to the energy sector. In spite of this, Peninsula has successfully
diversified its lending relationships while also strengthening its overall
liquidity position.
John A. Bassadone, CEO of Peninsula said: “The renewal of
our European credit facility marks another important milestone in the execution
of our strategy bringing another two years of additional access to liquidity
and increased committed lines. The support we continue to receive from the
banking sector shows trust and comfort in our model. It differentiates us in
the market and compliments the high standard solutions that our customers
expect from Peninsula”.
Peninsula’s transparency and conservative risk management
approach puts it among the most trustworthy and responsible companies in the
marine energy space. This has been at the core of Peninsula’s corporate values
over the last 25 years.
Tom Francisco, CFO of Peninsula added: “Our syndicate
shares Peninsula’s stringent focus on corporate governance and our vision for
the future of the marine energy industry. As a ‘best-in-class’ operator
with a clear mandate to drive sustainable solutions, Peninsula has broad-based
financial stakeholder support to lead positive change in the bunker industry”.
“RBSIF and NatWest are pleased to continue and grow our
relationship with Peninsula and look forward to the future as the business and
market transform to deliver a more sustainable future for the shipping sector.“
added Lewis Farthing of RBSIF
The renewal of the European credit facility follows
Peninsula’s recent announcement of a strategic partnership with Enagas to
build, own and operate a 12,500-cbm LNG bunker supply vessel in the Strait of
Gibraltar. The Enagas transaction is in line with Peninsula’s updated business
strategy and new visual identity which revolves around 3 core pillars:
Customer Centricity, Sustainability and Technology.
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Created on Jun 25th 2021 02:25. Viewed 298 times.
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