BB Energy Asia Closes Secured Digital Borrowing Base Facility

The 364-day Facility, guaranteed by BB Energy Group, is a renewal of 2023’s borrowing base facility for the Group outside the USA, covering import finance as well as funding of inventory, receivables and hedging positions under its wholly owned subsidiary, BB Energy Asia.

The facility, largely oversubscribed and well supported in the market, has attracted commitments from new Asian lenders, and represents an increase on the USD 235 million last year. This reflects BB Energy Asia’s strong appeal to international investors. Natixis Corporate & Investment Banking (CIB) acted as the Facility and Security agent, and the other participating banks were: DBS Bank Singapore, Arab Petroleum Investments Corporation, MUFG Singapore, Abu Dhabi Commercial Bank PJSC, Credit Agricole Corporate and Investment Bank Singapore, First Abu Dhabi Bank Singapore, Qatar National Bank Singapore and Arab Banking Corporation B.S.C. Singapore.

This successful closing highlights the attractiveness of BB Energy Asia’s robust credit profile and growth strategy, demonstrating once again the market’s unwavering confidence in BB Energy Group.

 Anbu Ramasamy, Regional CFO, APAC, at BB Energy Asia, said:

“We are delighted to have successfully refinanced our Asian Digital Borrowing Base Facility,  which closed at USD 340 million with particularly strong support from Singapore based banks.  Once again, we appreciate their unwavering support and would like to express our gratitude to our existing banking partners as well as the new participating banks.

“The broader base and over-subscription, secured during a dynamic and challenging trading environment, is an endorsement of our strategic path and operational resilience. Our lending partners’ trust highlights their confidence in our business model, financial stewardship and governance. We look forward to working closely with our diversified banking group as we continue to grow the Asian business.

“For the second year running, the facility is underpinned by a cutting-edge digital trade platform through our partnership with Komgo and SGTraDex, reflecting BB Energy Group’s commitment to transparency and operational integrity. Embracing digitisation has delivered tangible benefits over the past year, including better data integrity, higher efficiency and increased transparency and we look forward to continuing this partnership,” added Ramasamy.

L-Thanh Nguyen, Head of Global Trade, Asia Pacific, Natixis CIB said: “We would like to congratulate BB Energy Asia on the successful closing of this transaction and thank them for entrusting Natixis CIB with this key mandate. This milestone achievement reinforces Natixis CIB’s capabilities and leadership in providing innovative and tailored financing solutions. We are committed to supporting our clients through their digital transformation journeys while enhancing efficiency and maintaining our competitive edge in the market.”

Thaw Yee Leng, Chief of Market Development & Digital Strategy, SGTraDex said: “SGTraDex is honored to have played a pivotal role in BB Energy’s continued success with the closing of this digital borrowing base facility. This milestone strengthens our renewed partnership and highlights the growing adoption of digital solutions in trade finance. We look forward to seeing even greater adoption across the trade finance community as we work together to drive innovation and efficiency.”

Facility and Security Agent

Natixis CIB Singapore

Participating Banks

DBS Bank Singapore

Arab Petroleum Investments Corporation

MUFG Singapore

Abu Dhabi Commercial Bank PJSC

Credit Agricole Corporate and Investment Bank Singapore

First Abu Dhabi Bank Singapore

Qatar National Bank Singapore

Arab Banking Corporation B.S.C. Singapore

ENDS

About BB Energy

BB Energy was founded by the Bassatne Family in the 1960s; with an operational history of more than six decades.  Over the last decade, the Group has expanded its trading operations and is now considered one of the leading independently owned energy trading companies globally. The Group is primarily engaged in trading crude, refined oil products, LNG, LPG and is further diversifying into the renewable space. While BB Energy remains a physical trader, it has also invested in midstream and downstream assets.

Today, BB Energy is a dynamic independent energy trading company with key trading hubs in London, Brussels, Dubai, Houston, and Singapore. The company has approximately 370 professionals in more than 10 offices worldwide and around 500 employees including the downstream businesses. In the last financial year, 2023, BB Energy traded volumes of around 25 million metric tons of crude, petroleum products and gas which resulted in a turnover of approx. USD 18.5 billion.