Swiss-based MET Group, a leading energy company in Europe, has signed a EUR 1.1 billion Borrowing Base Facility (BBF) for its Sales and Trading segment.
The Borrowing Base Facility was structured and led by ING Bank as Coordinator, Security and Facility Agent, joined by Cooperatieve Rabobank, Natixis CIB and Societe Generale as active Bookrunning Mandated Lead Arrangers, and backed by a pool of 13 additional international banks.
The facility includes an accordion option to increase it up to a maximum of EUR 1.7 billion, allowing MET Group to accommodate further volume growth or changes in market structure and environment.
This facility, as main financing vehicle of MET’s Sales and Trading segment, will be a key pillar in MET’s funding framework particularly supporting the import of LNG, the storage and sale of natural gas in Europe and beyond.
Sven Kirch, MET Group’s CFO, said: “Our Borrowing Base Facility and the terms we have achieved with the pool of our banking partners is reflective of the progress MET has made not just in terms of financial strength but also continues to recognize the clarity of our approach to risk management and the growth trajectory we continue to be on.”
Switzerland- headquartered MET Group is present in 15 countries through subsidiaries, 30 national gas markets, and 39 international trading hubs. In 2023, MET Group’s consolidated sales revenue amounted to EUR 24.5 billion, with a total traded volume of natural gas amounting to 88 BCM and total traded electricity of 68 TWh.