John A. Bassadone-led marine fuel supplier Peninsula has renewed its $400m Singapore-based syndicated credit facility.
The company said the syndicated credit facility followed the renewal of its European banking facility earlier this year.
Together with other bilateral lines, the group has a total funding capacity of more than $1.5bn.
According to the company, the Singapore facility remains at $400m, with several banks actively seeking to increase their commitments during the renewal process. A $75m accordion option has been embedded, allowing the facility to scale to $475m.
The Singapore syndicate includes a two-year committed tranche and remains unchanged, comprising eight financial institutions, with additional lenders expressing strong interest in joining.
HSBC continues as arranger and facility agent, with the syndicate comprising UOB, Citi, Lloyds, Mashreq Bank, Arab Banking Corporation (B.S.C.), OCBC, and QNB Singapore.
“Future success in the marine fuels industry will increasingly require both significant capital and liquidity,” said John A. Bassadone, chief executive officer of Peninsula. “I’m proud that we deliver both through a robust balance sheet, risk aware business model and enduring relationships with world-class banks.”
Tom Francisco, Peninsula’s chief financial officer, commented: “Peninsula’s reputation for disciplined execution and strong governance resonates across the banking community. The re-engagement of our Asian syndicate – alongside new interest – reflects the trust in our strategy and platform.”
