Global marine energy supplier Peninsula on Tuesday (15 June) 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; 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, said John A. Bassadone, CEO of Peninsula.
“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,” he explains.
“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, shares CFO Tom Francisco.
“Our syndicate shares Peninsula’s stringent focus on corporate governance and our vision for the future of the marine energy industry,” he states.
“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.”
The renewal of the European credit facility follows Peninsula’s 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.
Peninsula in April relocated its Global Head of Supply & Trading and Board to Singapore.
Related: Scale Gas, Peninsula to co-build and co-own an LNG bunkering vessel
Related: Peninsula Petroleum undergoes rebranding exercise, emerges as ‘Peninsula’
Related: Exclusive: Peninsula’s Global Head of Supply & Trading relocates to Singapore, plans for regional growth
Photo credit: Peninsula
Published: 16 June, 2021
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