19th October 2021
BB Energy Group Holding Ltd. – known as BB Energy – is pleased to announce the successful signing of its new USD 210 million 1 Year Revolving Credit Facility (RCF).
The Facility will be used to refinance the existing Revolving Credit Facility signed in 2020 and for general corporate purposes.
BB Energy is among the world’s leading independent energy trading companies, with key offices in London, Singapore, Dubai, Houston and Athens.
The new Facility was launched in primary syndication at USD 175 million on 26 August 2021 and was oversubscribed by circa 30%, enabling an increase in size to USD 210 million while still scaling back lenders’ commitment. 2 new banks joined the RCF this year. The Facility also includes an accordion feature to increase the Facility amount up to USD 300 million.
BB Energy’s CFO Jacques Erni commented: “The strong and continued support BB Energy has seen from its core banking partners further asserts the confidence in the Group and provides a positive outlook. We are extremely pleased with the successful outcome of the Facility which has also attracted new banks notwithstanding unprecedented macro-economic events including volatile commodity markets seen during 2020/2021. I am looking forward to the continuous sustainable growth in BB Energy’s business and financing lines in the near future.”
ING Bank N.V., Natixis, Société Générale and UBS Switzerland AG acted as Mandated Lead Arrangers and Bookrunners (MLABs) with Abu Dhabi Commercial Bank, HSBC and Mashreqbank joining the Facility as Early Birds prior to the launch of the syndication. Société Générale also acted as Syndication Coordinator, with ING Bank as Documentation Agent and Facility Agent of this new transaction.
The following banks joined the Mandated Lead Arrangers and Bookrunners in the Facility.
Mandated Lead Arranger
Abu Dhabi Commercial Bank PJSC
AKA Ausfuhrkredit-Gesellschaft mbH
HSBC UK Bank Plc
Arab Petroleum Investments Corporation (APICORP)
British Arab Commercial Bank Plc
CA Indosuez (Switzerland) SA
Citibank N.A., London Branch
ABC International Bank plc, Frankfurt Branch
Banca UBAE S.p.A.
Banque Cantonale Vaudoise
Commercial Bank of Dubai PSC
Garanti Bank International N.V.
National Bank of Fujairah PSJC
Overview of BB Energy Group Holding Ltd.
BB Energy (“BBE or the Group”) was established by the Bassatne Family who started a commodities business in Lebanon in 1937, trading grain and asphalt. In 1963 they entered the oil sector in Lebanon and were primarily involved in local marketing of oil products and importation of Bitumen. During 1968, they began trading oil in the Mediterranean, Red Sea and Arabian Gulf.
The Group is managed by experienced traders and professionals in the oil industry. BBE is a dynamic global and independent oil trading company with key trading hubs in London, Dubai, Singapore and Houston and approx. 300 employees in 16 trading offices worldwide and approx. 438 employees including our downstream businesses.
Expanding from its core markets in the Mediterranean, the Group has in the last few decades developed its trading presence in the Red Sea, Black Sea regions, South East Asia, and most recently the Americas. Today its trading activities span across the five continents. Over the last 5 years, BBE has opened offices in Istanbul, Moscow, Lagos, Accra, Casablanca and Harare to further develop its trading activities in those regions.
BB Energy’s portfolio of global trading flows grew steadily over recent years achieving traded volumes of crude oil, petroleum products and gas of approx. 33 million metric tons in 2020. The Group supported the trading volume growth by entering into new trade financing arrangements with local and international banks.
BB Energy Group Holding Ltd.
Tel: +971 4 432 8300
Head of Corporate Communications
T: +971 4 432 8300