Bunker 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.
For more
information visit here:
