Hartree Partners announced the closing of its core senior secured borrowing base revolving credit facility on September 4, 2024, totaling $4.1 billion. And the $4.1 billion credit facility, comprised of a $2.05 billion two-year tranche and a $2.05 billion three-year tranche, also includes an accordion feature to increase the facility to $4.6 billion to support the company’s liquidity needs and future growth. A diverse group of 22 banks participated in the facility, including six new banks.
This facility was oversubscribed, with over $4.25 billion in total commitments received. During this renewal, the facility was amended to add Hartree’s subsidiary Sprague Operating Resources, which was fully acquired during 2022, as a co-borrower along with certain other subsidiaries of Hartree, all with an aim towards operational and financial efficiencies.
MUFG Bank, Ltd. served as Administrative Agent and Sole Bookrunner for the Facility; MUFG Bank, Société Générale, Wells Fargo Bank, Coöperatieve Rabobank, New York Branch, and ING Capital served as Joint Lead Arrangers for the Facility. And 17 other banks participated at various commitment levels.
Cadwalader, Wickersham & Taft represented the lenders, and Hogan Lovells represented the borrower.
KEY QUOTE:
“Hartree’s borrowing base revolving credit facility has been part of our DNA for almost ten years. We’re incredibly pleased that the Facility has grown with us and now not only includes a large bank group, but also supports a more diverse, multi-regional commodity asset group. We are extremely grateful for the support this bank group has demonstrated year after year in meeting Hartree’s needs.”
-Bryan Keogh, CFO of Hartree
