Peninsula Petroleum refinances with new Receivables finance syndicate
Peninsula Petroleum, a leading integrated global bunker supplier, has signed a new $200m Receivables finance facility with a syndicate of leading international trade finance banks. This replaces PPG’s previous ING-led facility. The facility also contains an option to increase overall funding by a further $50m.
The syndicate is led by RBS (acting as facility agent), and also consists of HSBC, Santander and Societe Generale.
The facility will support PPG’s growth ambitions, allowing PPG to continue to develop its physical supply and reselling operations globally, investing across the marine fuels value chain.
John Bassadone, Peninsula Petroleum CEO, said:
“The overwhelming interest in the facility and support received from the international banking community is an endorsement of Peninsula’s controlled and conservative business model and growth strategy.
Peninsula’s success is founded on forging solid relationships, not just with our clients and suppliers but also our funding partners. All participants in the facility are long-term partners, who understand and support our strategy of focusing our efforts on adding value to our clients across the entire marine fuels value chain. We look forward to the future with continued confidence.”
Andy Pickford, business development director at RBSIF said:
“We are delighted to be supporting John and the rest of the management team at Peninsula. We were immediately impressed with their sector insight, together with their prudent and sustainable growth plans for the business. Our new facility is a perfect fit for these ambitions, and is also future proofed against fluctuating oil price movements.”
The new RBS led facility, in addition to the long standing $100m bi-lateral facility PPG maintains with HSBC Singapore, provides increased liquidity to PPG totalling $300m.