THE PRAX GROUP ANNOUNCES SUCCESSFUL CLOSING OF A US$300 MILLION PRIVATE CREDIT FACILITY
Retrieved on:
Tuesday, September 12, 2023
London, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The Prax Group ("Prax") – a British multinational, independent global energy conglomerate dealing in crude oil, petroleum products and biofuels, with a complete integration across the oil value chain, from upstream to midstream and downstream – has announced the successful closing of a new privately placed c.US$300 million (equivalent) Term Loan Facility (the "Facility").
Key Points:
- London, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The Prax Group ("Prax") – a British multinational, independent global energy conglomerate dealing in crude oil, petroleum products and biofuels, with a complete integration across the oil value chain, from upstream to midstream and downstream – has announced the successful closing of a new privately placed c.US$300 million (equivalent) Term Loan Facility (the "Facility").
- The Facility achieved a substantial oversubscription and was upsized from an original US$250 million, with four institutions participating in the transaction, including three new lenders.
- The Private Credit team at HSBC Bank plc ("HSBC") acted as Sole Mandated Lead Arranger of the transaction.
- Ben Lahnstein, Group Chief Financial Officer, Prax, said: "The success of the transaction highlights the confidence our lending groups have in Prax and the depth of our banking and investor relationships.