Six One Commodities Successfully Expands and Renews Revolving Credit Facility
STAMFORD, Conn.–(BUSINESS WIRE)–Six One Commodities LLC (“61C”) today announced that it has successfully closed a $745 million, one-year revolving borrowing base credit facility (the “Facility”). The Facility was expanded from $540 million by its existing financial institutions, a globally diverse group of six European, North American, and Asian financial institutions. The Facility has a $255 million accordion feature available for a total of $1 billion to support future growth.
ING Capital LLC, Wells Fargo Bank, N.A., MUFG Bank, Ltd., and Société Générale are Joint Lead Arrangers for the Facility. Other lenders in the facility are HSBC Bank USA NA and Coöperative Rabobank U.A. The Facility will continue to be used to provide liquidity for 61C’s growing physical business.
“We are again grateful for the continued strong support shown by our existing lenders,” Benjamin Sutton, 61C’s CEO, said. “With the global energy markets in a highly volatile state, access to liquidity is the key component of a physical commodity merchant. This further expanded Facility positions 61C for continued growth to be a leading merchant in the physical energy commodity markets for years to come.”
“Financial institutions are faced with difficult choices in this challenging and volatile operating environment. So, this successful syndication was a meaningful accomplishment for the 61C team in what is a cautious moment for capital providers,” said Matthew Rosetti, Managing Director, Head of Trade & Commodity Finance North America for ING.
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 and Singapore. The 61C team has a demonstrated track record of unique market insight, strong client relationships, robust returns, and disciplined risk management to execute 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 $5.4 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.
Chief Operating Officer
Six One Commodities LLC