News
Inver Energy – syndicated bank deal
Inver Energy has negotiated major new funding facilities to fund the growth of its fuel import and marketing business in Ireland and the UK.
The financing facilities include a €100m asset based lending facility and term debt and ancillary facilities of €15m.
The asset based lending facility is the first of its kind in the Irish fuel sector and will fund Inver’s working capital requirements through the provision of a multi-currency revolving credit facility comprising letters of credit, inventory and receivables finance.
The asset based lending syndicate comprises of Barclays, Bank of Ireland, BNP Paribas and Credit Suisse. Barclays and Bank of Ireland are mandated lead arrangers of the receivables and BNP Paribas is the mandated lead arranger for the inventory. The term debt and ancillary facilities are provided by the Bank of Ireland.
Inver CEO Chris O’Callaghan said: “These new facilities will provide a robust, flexible and cost effective financing platform for Inver’s future development. We are very pleased with the support of a banking syndicate that combines the strength and expertise of major international banks with Bank of Ireland’s know how in the market.”
FOR MORE NEWS FROM INVER ENERGY – SEE THE MARCH 2015 ISSUE – OUT SOON!