KUALA LUMPUR, Sept 13 (Bernama) -- The Prax Group (Prax) has announced the successful closing of a new privately placed approximately US$300 million (equivalent) Term Loan Facility. (US$1=RM4.67)
In a statement, Prax said 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.
Prax Group Chief Financial Officer, Ben Lahnstein said: “The success of the transaction highlights the confidence our lending groups have in Prax and the depth of our banking and investor relationships.
“This latest funding has diversified our funding sources and strengthened our balance sheet. It provides us with a solid financial platform from which to execute future M&A activities, and deliver sustainable, profitable growth.”
The Private Credit team at HSBC Bank plc (HSBC) acted as Sole Mandated Lead Arranger of the transaction. Funds managed by institutional investors including Chimera Abu Dhabi and Orchard Global Asset Management acted as lenders alongside HSBC.
The new facility will be used to refinance the maturing five-year term loan tranche from 2018, as well as for strategic acquisitions.
Headquartered in the United Kingdom, Prax is an 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.
-- BERNAMA
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