Biodiesel producer Greenergy closes refinancing of its credit facilities

Photo: Greenergy

Greenergy, a U.K.-based supplier of road fuels and a major European biodiesel producer, announced Jan. 17 the successful closing of its new revolving secured borrowing base and term-loan facility.  

Combined with its existing receivables purchase facility, this takes Greenergy’s total credit facilities to USD$1.4 billion. 

The refinancing is supported by Greenergy’s parent company Trafigura and includes a new $500 million revolving secured borrowing base, providing high levels of flexibility to support Greenergy’s expanding working-capital requirements.  

The borrowing base is provided by a syndicate of banks including Lloyds Bank plc, Natixis, Societe Generale, MUFG and NatWest Bank Plc. 

In addition to the borrowing base, Greenergy also successfully closed a $265 million secured five-year term-loan facility with SMBC Bank International plc, SuMi Trust, MUFG, Societe Generale and Lloyds Bank plc. 

The new financing, combined with Greenergy’s existing receivables purchase facility, improves the company’s flexibility to pursue new business opportunities and investments, supporting Greenergy in executing long-term growth and business plans and strengthening its position to respond to changing and competitive market conditions.  

“We have successfully completed our refinancing, and the support received from existing and new lenders demonstrates their confidence in Greenergy,” said Dirk Vanderbroeck, Greenergy’s chief financial officer.  

“Our new financing terms strengthen our capital base and places us in a strong position to support our growth ambitions in a competitive industry,” Vanderbroeck said.  

“We will focus on serving our customers and pursuing opportunities in new markets,” he said.