STAMFORD, Conn., October 27, 2021--(BUSINESS WIRE)--Six One Commodities LLC ("61C") today announced that it has successfully closed a $540 million one-year revolving borrowing base credit facility (the "Facility"). The Facility was significantly oversubscribed with an initial launch of $450 million, including commitments received from a globally diverse group of six European, North American, and Asian financial institutions.
The Facility increases the current revolving credit facility by $315 million and has a $60 million accordion feature available to support future growth.
ING Capital LLC, Wells Fargo Bank, N.A., and MUFG Bank, Ltd., are Joint Lead Arrangers for the Facility. Other banks joining the facility are HSBC Bank USA NA, Societe Generale, and Coöperative Rabobank U.A. The Facility will continue to be used to provide liquidity for 61C’s growing business.
"We appreciate the strong support shown by our existing lenders, as well as the four new banks who have contributed to our credit facility. The facility’s oversubscription is a testament to the markets’ confidence in our portfolio, business model, disciplined operations, and growth strategy," Benjamin Sutton, 61C’s CEO, said. "The expanded credit facility, coupled with the continued commitment from Pinnacle Asset Management, positions 61C for continued global growth and expansion as a leading merchant in the physical energy commodity markets for years to come."
"With the energy markets in a continued heightened state, access to liquidity is ever more important and the lifeblood of a physical commodity merchant. We appreciate the opportunity to lead this transaction and look forward to further expanding our relationship with Six One Commodities on a global basis," said Matthew Rosetti, Managing Director, Head of Trade & Commodity Finance North America for ING. "Six One is now well-positioned to expand its presence in the North American market and we were pleased to see their operating capabilities and growth potential validated by the very strong demand from our syndicate partners."
ABOUT SIX ONE COMMODITIES 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, Singapore, and Berlin with over 50 employees worldwide. The 61C team has a demonstrated track record of unique market insight, strong client relationships, robust returns, and disciplined risk management to execute on 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 approximately $4 billion under management. Pinnacle provides its institutional investor base with exposure to the global commodities markets via physical and financial absolute return funds, strategies, and products. Pinnacle is registered as an investment adviser with the Securities and Exchange Commission, is registered as a commodity trading adviser and a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association.
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