Six One Commodities Closes $800 Million Revolving Credit Facility With Global Borrowing Base
STAMFORD, Conn.--(BUSINESS WIRE)--Six One Commodities Global LLC (“61C”) today announced that it has successfully closed an $800 million, 18-month revolving credit facility (the “Facility”) with a global borrowing base that advances its transition into a leading integrated energy merchant globally. The Facility was significantly oversubscribed and includes a $300 million accordion feature, bringing total capital available to $1.1 billion. A diverse group of 12 banks from North America, Europe, and Asia participated in the facility, which is designed to provide the additional liquidity needed to support 61C’s expanding physical and LNG business across international markets.
MUFG Bank, Ltd., Wells Fargo Bank, N.A., Natixis, New York branch, and Société Générale are Joint Lead Arrangers for the Facility. MUFG Bank, Ltd. also serves as Administrative Agent and Sole Bookrunner. HSBC Bank USA NA serves as the Senior Managing Agent. Seven other banks participated at various commitment levels.
“The unwavering support we have received from new and existing banking partners reinforces their confidence in our financial stewardship and strategic growth plans,” said Josh Bailey, Chief Financial Officer of 61C. “A global facility is an important resource that aligns with our expansion into the growing LNG sector and our commitment to fostering connectivity across our global business. This revolving credit facility is not just a testament to our solid financial foundations but also a catalyst that will enable us to navigate future market dynamics with agility and pursue new business initiatives more effectively.”
“MUFG is proud to have acted as Sole Bookrunner on 61C’s inaugural global borrowing base credit facility,” said Marcie Weiss, Head of Commodity & Structured Trade Finance, Americas, and Head of Supply Chain Finance for MUFG. “This achievement highlights the strong trust placed in MUFG, as well as the continued support from 61C’s established bank group and the valuable addition of new participant banks. 61C is well-positioned to expand its presence globally, and the successful completion of this transaction is a true testament to the bank group’s confidence in 61C’s leadership and strategic direction.”
About Six One Commodities Global LLC
61C is a global merchant of physical energy commodities and provides physical supply services and structures. Formed in 2018, 61C is backed by Pinnacle Asset Management, and headquartered in Stamford, CT with offices in Houston, Calgary and Singapore. The 61C team has a demonstrated track record of unique market insight, strong client relationships, robust returns, and disciplined risk management to execute opportunities within the energy merchanting space
About Pinnacle Asset Management, L.P
Founded in 2003, Pinnacle Asset Management, L.P. is a private, New York-based alternative asset management firm focused on the global commodities markets with approximately $6 billion under management. Pinnacle provides its institutional investor base with exposure to the global commodities markets via physical and financial absolute return funds, strategies, and products. Pinnacle is
registered as an investment adviser with the Securities and Exchange Commission, a commodity trading adviser and a commodity pool operator with the Commodity Futures Trading Commission, and a member of the National Futures Association.
