Marine fuel supplier Peninsula on Thursday (18 May) confirmed the renewal of its syndicated European credit facility.
The two-year facility includes an increase from USD 350 million to USD 450 million, representing the syndicate’s continued endorsement of Peninsula’s business model.
Together with the group’s Asian syndicated facility and other bilateral lines, this increase in the European credit facility provides Peninsula with a total funding package in excess of USD 1.3 billion, the firm said.
“Peninsula continues to focus on the delivery of low carbon fuels to customers, and this facility has been amended to enable the finance of these products, not just traditional fuels. The additional liquidity generated will be deployed in support of these products,” it said.
John A. Bassadone, CEO of Peninsula, said: “The renewal and increase of our European credit facility further supports Peninsula’s position as a market leader. At a time when decarbonisation is at the top of everyone’s agenda, our commitment to the supply of lower carbon fuels resonates with our stakeholders to attract the highest quality banking partners. This additional funding will allow us to deliver lower carbon solutions to our customers across the globe.”
RBS remains as facility agent together with HSBC, Citibank, Bankinter, Lloyds and UBS as existing lenders. The renewed facility sees the introduction of another top tier participant, Unicredit, to the lending syndicate. The renewal represents a continuation of Peninsula’s strategy to ensure that the company’s growth ambitions can be matched by its banking partners.
Tom Francisco, CFO of Peninsula, said: “We are excited to add Unicredit to our European syndicate. Unicredit has worked with Peninsula for several years on a bilateral basis and continues to support our vision. Peninsula’s transparency and conservative risk management approach puts us among the most trustworthy and responsible companies in the marine energy space. This has been at the core of our corporate values over the last 27 years”.
“We’re delighted to support Peninsula with this transaction, which not only strengthens their liquidity position but has also helped them to diversify their lending relationships by bringing in a new syndicate partner. We’re looking forward to growing our relationship with Peninsula and proactively helping to deliver a more sustainable future for the shipping sector” added Larry Dosunmu, Asset Based Lending, NatWest.
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