Peninsula Petroleum (PPG) is pleased to announce the completion of new banking facilities in Europe and Asia securing an additional USD 100 million of working capital. The facilities mark the achievement of another important milestone in the implementation of the group’s near to medium term strategic business plan.
PPG completed a new syndicated facility led by HSBC Singapore, one of the group’s long standing financiers. The transaction creates USD 50 million of new liquidity and delivers an overall enhanced diversified financing package for the group of USD 150 million in Asia. The facility includes USD 75 million of two-year committed funding and sees the addition of United Overseas Bank as a new participating lender.
The completion of the HSBC Singapore facility coincides with BNP Paribas joining PPG’s European club facility with a USD 50 million participation, bringing total global working capital facilities for the group to USD 400 million.
John Bassadone, Peninsula Petroleum CEO commented, “The continued support received from our existing financing partners in Europe and Asia, together with the interest and appetite shown by a large selection of new banks in joining our latest facilities, is a positive endorsement of our unique business model and conservative strategy. We are pleased to have BNP Paribas join our European club and welcome United Overseas Bank to our first syndicate in Asia”.
About Peninsula Petroleum
Peninsula Petroleum is the leading integrated global bunker supplier. Peninsula combines physical supply capabilities with a global reselling platform to guarantee optimum delivery solutions. Physical supply locations include Panama, Houston, New Orleans, Los Angeles / Long Beach, Gibraltar, Algeciras, Barcelona, Malaga and the ARA ports.
Over 20 years, Peninsula has earned the trust of both end user clients and the international supplier network. Peninsula’s global network stretches across 20 offices and is supported by world class risk management, credit analysis and hedging teams, ensuring that upstream partners, downstream clients and funding providers have full peace of mind. It is this conservative approach to trading that defines Peninsula’s successful growth strategy.
Paddy Blewer, Head of Communications+44 207 766 4002 / +44 7917 205985 / [email protected]