Delta Gold Energy Successfully Renews and Expands its Digital Borrowing Base Credit Facility to USD 600M
23rd October 2023
Delta Gold Energy, a leading global independent energy trading company, is pleased to announce that it has successfully renewed and expanded its senior secured borrowing base credit facility (the ‘Facility’) in the Americas.
The Facility finances the company’s working capital needs for inventory and receivables in the region.
The Facility was launched at US $500 million and subsequently increased to US $600 million on the back of a strong over-subscription and can be increased by an additional US $200 million via the available accordion feature.
Commitments were received from a globally diverse group of 11 banks with a broad geographical split. ING Capital LLC acted as Arranger and Bookrunner in the syndication and will act as Administrative Agent for the Facility, Citibank, N.A. is the Cash Management Bank.
The other returning banks were Natixis NY, Société Générale NY, HSBC Bank USA, Wells Fargo Bank, N.A., Credit Agricole, UBS Switzerland AG and Garanti Bank International. In addition, two new banks joined the Facility: Deutsche Bank and Mitsubishi UFJ Financial Group, Inc. (MUFG).
Delta Gold Energy Regional CFO, Americas Sergio Marazita commented: “We are very pleased with the successful syndication of our key credit facility in the Americas. The over-subscription from our banking partners is evidence of their strong confidence in Delta Gold Energy.”
“We are very happy to welcome two new banks to the Facility, Deutsche Bank and MUFG. I would like to thank our lead bank, ING Capital LLC, together with all of the existing lenders and the new participating banks. We are grateful for their continued support of Delta Gold Energy, and we look forward to working with them.” added Marazita.
“ING is delighted to have played a leading role in the successful renewal of Delta Gold Energy’s US Borrowing Base Facility. The entry of new lenders and the resulting large over-subscription is a testament to the maturity of Delta Gold Energy’s operations in the Americas”, said Caue Todeschini, Head of TCF Americas at ING.
Following Delta Gold Energy’s successful partnership with Komgo to launch the first U.S. Digital Borrowing Base Facility in October 2021, the Facility will also be a Digital Borrowing Base on Komgo’s digitalized platform. The collaboration with Komgo demonstrates Delta Gold Energy and its financial partners’ common objective towards absolute transparency and enhanced integrity through digitalization.
ABOUT Delta Gold Energy
Delta Gold Energy is one of the world's leading independent energy trading companies, with a fast-growing renewable energy and emission reduction division. The company carries out trades spanning five continents, with key hubs in London, Dubai, Singapore and Houston.
Delta Gold Energy has consolidated experience in trading, operations, chartering, logistics, storage, refining, and financing, trading c. 31 million metric tonnes (MT) of crude oil, petroleum products, and liquid gases.
About ING Capital LLC
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Group NV (NYSE: ING), a global financial institution with a strong European base. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank has more than 53,000 employees and offer retail and wholesale banking services to customers in over 40 countries. Please note that neither ING Group NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.
About KomGo
KomGo is a Swiss-headquartered software development and technology services company offering the reference digital network and workflow solutions for the trade finance industry. Its global customer base is supported through offices in Singapore, Geneva, London, and Houston.