Six One Commodities Global (61C) announced that it closed an $800 million 18-month revolving credit facility with a global borrowing base that advances its transition into a leading integrated energy merchant globally.
This facility was significantly oversubscribed and included a $300 million accordion feature, bringing total capital available to $1.1 billion. Twelve banks from North America, Europe, and Asia participated in the facility, which was designed to provide the additional liquidity needed to support 61C’s expanding physical and LNG business across international markets.
61C is a global merchant of physical energy commodities and provides physical supply services and structures. Launched in 2018, 61C is backed by Pinnacle Asset Management and headquartered in Stamford, CT, with offices in Houston, Calgary, and Singapore. The 61C team has a demonstrated track record of unique market insight, strong client relationships, robust returns, and disciplined risk management to execute opportunities within the energy merchanting space.
KEY QUOTES:
“Securing this significant commitment during a complex credit environment is a clear endorsement of 61C’s strategic path and operational resilience. Transitioning to a global borrowing base underscores our commitment to connecting our business worldwide and advances our mission to be a leading integrated energy merchant. Our lending partners’ trust highlights their confidence in our business model and management team, and positions us to seize market opportunities and drive our business forward with a robust vision for expansion.”
– Ben Sutton, Chief Executive Officer of 61C
“The unwavering support we have received from new and existing banking partners reinforces their confidence in our financial stewardship and strategic growth plans. A global facility is an important resource that aligns with our expansion into the growing LNG sector and our commitment to fostering connectivity across our global business. This revolving credit facility is not just a testament to our solid financial foundations but also a catalyst that will enable us to navigate future market dynamics with agility and pursue new business initiatives more effectively.”
– Josh Bailey, Chief Financial Officer of 61C
“MUFG is proud to have acted as Sole Bookrunner on 61C’s inaugural global borrowing base credit facility. This achievement highlights the strong trust placed in MUFG, as well as the continued support from 61C’s established bank group and the valuable addition of new participant banks. 61C is well-positioned to expand its presence globally, and the successful completion of this transaction is a true testament to the bank group’s confidence in 61C’s leadership and strategic direction.”
– Marcie Weiss, Head of Commodity & Structured Trade Finance, Americas, and Head of Supply Chain Finance for MUFG
