Stamford-based Six One Commodities LLC (61C) has closed a $700 million expansion and renewal of its one-year revolving borrowing base credit facility.
The facility includes a $300 million accordion feature, bringing total capital available to $1 billion. According to the company, the expanded facility will be used to provide liquidity to support its business operations – 61C is a global merchant of physical energy commodities and provides physical supply services and structures.
61C added the facility “was significantly oversubscribed and includes a globally diverse group of 10 North American, European, and Asian financial institutions.” ING Capital LLC, Wells Fargo Bank N.A., MUFG Bank, Ltd. and Societe Generale were the joint lead arrangers for the facility, and other participating lenders were HSBC Bank USA NA, Coöperative Rabobank U.A, Natixis (New York Branch), Credit Agricole Corporate and Investment Bank, GarantiBank International N.V., and Valley National Bank.
“We are grateful for the strong support shown by our new and existing lenders,” said Josh Bailey, chief financial officer of 61C. “Their commitment, particularly within a tight credit market, is testament to 61C’s robust financial management and strategic vision. This refinancing not only provides the liquidity needed for our growing physical business but also fortifies our capability to explore future growth avenues efficiently.”
