Peninsula Petroleum (PPG), a leading integrated global bunker supplier, has signed a new $200m Receivables Finance Facility with a syndicate of leading international trade finance banks. This replaces PPG's previous ING-led facility. The Facility also contains an option to increase overall funding by a further $50m.
The new Facility, in addition to the long standing $100m bi-lateral facility PPG maintains with HSBC Singapore, provides increased liquidity to PPG totalling $300m.
The syndicate is led by RBS (acting as Facility Agent), and also consists of HSBC, Santander and Societe Generale.
The Facility will support PPG's growth ambitions, allowing PPG to continue to develop its physical supply and reselling operations globally, investing across the marine fuels value chain.
John Bassadone, Peninsula Petroleum CEO commented, "The overwhelming interest in the Facility and support received from the international banking community is an endorsement of Peninsula's controlled and conservative business model and growth strategy.
Peninsula's success is founded on forging solid relationships, not just with our clients and suppliers but also our funding partners. All participants in the Facility are long-term partners, who understand and support our strategy of focusing our efforts on adding value to our clients across the entire marine fuels value chain. We look forward to the future with continued confidence".
Andy Pickford, Business Development Director at RBSIF also commented, "We are delighted to be supporting John and the rest of the management team at Peninsula. We were immediately impressed with their sector insight, together with their prudent and sustainable growth plans for the business. Our new Facility is a perfect fit for these ambitions, and is also future proofed against fluctuating oil price movements".
About Peninsula Petroleum
PPG is a leading integrated global bunker supplier. With over 20 years in the marine fuels supply business, we have earned the trust of both our end user clients and our global supplier network. PPG has built a truly global operation, connecting our integrated understanding of cargo markets and the dynamics of global supply with the needs of the marine industry.
PPG combines physical supply capabilities with a global reselling platform to guarantee optimum delivery solutions. PPG’s physical supply locations include Gibraltar, Algeciras, the Canary Islands (Las Palmas and Tenerife), Houston, New Orleans, the ARA (Antwerp, Rotterdam and Amsterdam) and Panama. The physical supply capability is anchored by a fleet of 30 supply vessels.
Our global sales network stretches across 20 offices and is supported by a very strong risk management, analysis and hedging team ensuring that upstream partners, downstream clients and our funding providers have full peace of mind. It is this conservative approach to trading that defines our successful growth strategy.
Paddy Blewer, Head of Communications
+44 207 766 4002 / +44 7917 205985 / [email protected]