MET inks $1.34 billion financing deal to support LNG business

Switzerland-based energy trader MET Group has signed a new syndicated borrowing base facility to support its growing LNG and natural gas activities in Europe and beyond.

Initially launched at 1 billion euros ($1.09 billion), the syndicated multicurrency secured revolving borrowing base facility received “strong” support from both existing and new banking partners and closed at 1.23 billion euros ($1.34 billion) after having achieved an oversubscription, MET said in a statement.

This facility was structured and led by ING Bank as coordinator, security and facility agent, joined by Natixis CIB and Société Générale as active bookrunning mandated lead arrangers, and backed by a pool of 12 additional “first-class” international banks, the firm said.

In addition, the facility contains a 364-day extension option, and it also includes an accordion option to increase the facility up to a maximum of 1.70 billion euros.

MET said it will use the facility for the refinancing of its existing syndicated 885 million euros multicurrency revolving credit facility and to support the growth of the company’s business – especially around the import of LNG, the storage and sale of natural gas in Europe and beyond.

“2022 clearly demonstrated the importance of adequate, scalable and efficient funding solutions in gas and power trading,” Sven Kirch, MET’s CFO, said in the statement.

“This new facility not only marks a significant increase over our previous facility. With its innovative features, some of which are a first in the gas and power markets, it is a great illustration of the confidence our banking partners have in our integrated sales and trading business model as well as our risk management capability,” Kirch said.

Growing LNG business

MET recently appointed Sandor Fasimon to head up the setup of its Asian operations as it works to expand its LNG business beyond Europe.

According to MET, the firm led by Benjamin Lakatos imported over 30 TWh of LNG cargoes in 2022 to Croatia, Greece, Spain, Belgium, and the UK.

The company has capacity rights at the Croatian FSRU-based terminal and received the first LNG cargo via the Krk facility in the northern Adriatic Sea in April 2021.

In addition, MET booked regasification capacities earlier this year at the FSRU-based LNG import terminal in Germany’s Lubmin, owned by Deutsche ReGas.

With the German regasification capacities, MET Group “becomes one of the most diverse LNG importers into Europe having mid-term capacities in four countries and full capabilities for further spot deliveries into additional terminals across the continent,” it said in a recent statement.

- Advertisements -

Most Popular

BP, PetroChina book capacity at Dutch Gate LNG terminal

BP and a unit of PetroChina have agreed to book long-term capacity at the Dutch Gate LNG import terminal,...

TotalEnergies releases Mozambique LNG report

French energy giant TotalEnergies on Tuesday released a report regarding the humanitarian situation in the province of Cabo Delgado,...

LNG carrier Golar Gandria sold for demolition

Floating LNG player Golar LNG has sold its 1977-built LNG carrier, Golar Gandria, for demolition, according to brokers. The 125,000-cbm...

More News Like This

MET in Asian LNG move

Switzerland-based energy trader MET Group is working to expand its LNG business beyond Europe and has appointed Sandor Fasimon...

Deutsche ReGas launches Germany’s second LNG import terminal

Deutsche ReGas has officially launched its FSRU-based LNG import terminal in Lubmin, Germany’s second such facility. The launching ceremony, attended...

TotalEnergies books capacity at Germany’s Lubmin FSRU

French energy giant TotalEnergies has booked regasification capacity at the FSRU-based LNG import terminal in Lubmin, operated by Deutsche...

MET delivers its first LNG cargo to Croatian FSRU

A unit of Switzerland-based trading firm MET Group said it has delivered its first LNG cargo to Croatia's Krk...