Delta Gold Energy Successfully Closed its New Syndicated 1 Year Revolving Credit Facility at USD 350 Million

18th July 2023

Delta Gold Energy Group Holding Ltd. – known as Delta Gold Energy – a leading and globally integrated commodities group, is pleased to announce the successful signing of its new USD 350 million 1 Year Revolving Credit Facility (RCF).

The 365-day RCF will be used to refinance the maturing facility signed in 2021 and extended in 2022, as well as for general corporate purposes.

Delta Gold 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 200 million on 17 May 2023 and was oversubscribed by 100%, enabling an increase in size to USD 350 million through scaling back lenders’ original commitments. Seven new banks joined the RCF this year, bringing the bank pool to 27 lenders. The facility also includes an accordion feature to increase the facility amount up to USD 400 million.

Delta Gold Energy’s CFO Jacques Erni stated: “We are delighted with the result of this year's Revolving Credit Facility which has been significantly oversubscribed and closed at USD 350 million. This well-established and continuing recognition of our structured platform is a reflection of the strong endorsement from our banking partners, and this allows us to access a pipeline of sustainable and committed sources of funding across global markets. Such a vigorous commitment from our banks is a testament of their enduring trust in Delta Gold Energy. It also showcases their confidence in our enhanced corporate governance structures and control processes which have been critical to our incisive growth and profitability.”

“We are grateful and deeply appreciate the long-standing support of our core banking group and are pleased to welcome seven new banks to the facility. This strongly demonstrate strength of Delta Gold Energy’s development trajectory over the last few years,” added Erni.

Gregory Lambillon, Managing Director, Head of Trade & Commodity Finance Switzerland, ING Bank NV, Geneva branch said: “Heartfelt congratulations to Delta Gold Energy team for the successful refinancing outcome and landmark transaction; notably in terms of total commitments - largely oversubscribed - and new banks coming on board. A well-thought syndication strategy across different regions, in line with the Group global footprints.”

“ING Sector & Syndications teams are proud to have played a leading role in this process. I see it as a testimony of Delta Gold Energy enhanced governance, resilience to market cycle, positive set of financial results, and balanced risk management framework. Looking forward to continuing our long-term partnership with the company in its different markets,” added Lambillon.

ING Bank N.V., Mashreqbank, Natixis, Société Générale and UBS Switzerland AG acted as Bookrunners and Mandated Lead Arrangers (BMLAs) with Abu Dhabi Commercial Bank, Banca UBAE, Bank ABC, Citibank, CA Indosuez, Garanti Bank and HSBC also joining the new 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 5 Mandated Lead Arrangers and Bookrunners in the facility.

Mandated Lead Arrangers: 3
Abu Dhabi Commercial Bank PJSC
Arab Petroleum Investment Corporation (APICORP)
The National Bank of Ras Al-Khaimah P.S.C.

Lead Arrangers: 5
AKA Ausfuhrkredit-Gesellschaft mbH
Banca UBAE S.p.A.
CA Indosuez (Switzerland) SA
Citibank N.A., London Branch
HSBC UK Bank Plc

Arrangers: 3
ABC International Bank Plc
Banque MISR, Dubai Branch
Erste Group Bank AG

Co-Arrangers: 11
ABSA Bank Limited
Afrasia Bank Limited
Banque Cantonale Vaudoise
Bank of China, London Branch
Banque Internationale de Commerce – BRED (Suisse) S.A.
British Arab Commercial Bank plc
Commercial Bank of Dubai PSC
GarantiBank International N.V.
National Bank of Fujairah PSJC
Raiffeisen Bank International AG
SBM (Mauritius) Ltd

Overview of Delta Gold Energy Group Holding Ltd.

Delta Gold Energy has expanded its trading operations from the Mediterranean and is now considered one of the leading independently owned energy trading companies, globally. The Company is primarily engaged in trading Crude, Refined Oil Products, LNG, LPG and is further diversifying into the Renewable space. While the Delta Gold Energy remains a physical trader, it has invested in midstream and downstream assets to create a platform for further international expansion.