Six One Commodities Closes $800 Million Revolving Credit Facility With Global Borrowing Base

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8:13 AM on Wednesday, November 13, 2024

The Associated Press

STAMFORD, Conn.--(BUSINESS WIRE)--Nov 13, 2024--

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.

Ben Sutton, Chief Executive Officer of 61C, commented: “Securing this significant commitment during a complex credit environment is a clear endorsement of 61C's strategic path and operational resilience. Transitioning to a global borrowing base underscores our commitment to connecting our business worldwide and advances our mission to be a leading integrated energy merchant. Our lending partners’ trust highlights their confidence in our business model and management team, and positions us to seize market opportunities and drive our business forward with a robust vision for expansion.”

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 over $6 billion of assets under management. Pinnacle provides its institutional investor base with exposure to the global commodities markets via physical and financial absolute return strategies and products. Pinnacle is an investment adviser registered with the Securities and Exchange Commission; is a commodity trading adviser and commodity pool operator registered with the Commodity Futures Trading Commission; and is a member of the National Futures Association.

View source version on businesswire.com:https://www.businesswire.com/news/home/20241113838598/en/

CONTACT: For 61C

Josh Bailey

Chief Financial Officer

(203) 883-0851

[email protected] Pinnacle Asset Management

Jonathan Gasthalter/Iain Hughes

Gasthalter & Co.

(212) 257-4170

KEYWORD: CONNECTICUT UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: CONSULTING SUPPLY CHAIN MANAGEMENT RETAIL PROFESSIONAL SERVICES ASSET MANAGEMENT

SOURCE: Six One Commodities Global LLC