Peninsula, the leading global marine energy supplier, announced the completion and renewal of its $320 million syndicated Singapore-based credit facility. This announcement follows the renewal of Peninsula’s European banking facility in May of this year and, together with the group’s other bilateral lines, provides a total funding package in excess of $1 billion. The Singapore facility was upsized from its initial launch amount of $285 million and is future proofed with the incorporation of an $80m accordion option increasing the total Singapore facility to $400M once exercised.

The Singapore-based credit facility draws a parallel with the European banking facility by the inclusion of a 2-year committed tranche illustrating confidence by the banking sector in Peninsula’s business model. In addition, a further three top-tier international banks have joined the existing syndicate demonstrating the increasing appetite for Peninsula.
The renewal represents a continuation of Peninsula’s successful corporate strategy to diversify the regional scope of its lenders to ensure that the company’s growth ambitions can be matched by its banking partners.

John A. Bassadone, CEO of Peninsula said: “We are pleased that Peninsula’s successful business model, transparency and conservative risk management continues to resonate with our stakeholders and attract the highest quality banking partners. Our track record in securing committed funding and further diversifying our banking portfolio puts the group in a very strong position to deliver and exceed our strategic objectives ahead of time, especially as the group has already outlined its commitment to the ESG agenda in our sector”.

Peninsula mandated HSBC as Arranger and Facility Agent with UOB and Citibank as existing participating lenders to the Singapore facility. Lloyds, Mashreq Bank and Arab Banking Corporation
(B.S.C.) comprised the new lenders to the syndicate.

Tom Francisco, CFO of Peninsula added: “Peninsula’s reputation is synonymous across the banking community with executing a clear strategy from a risk-averse global platform. Supporting this with strong corporate governance ensures that we attract high-quality banking partners committed to support the group’s growth plans. It is another strong vote of confidence that we have been able to double the number of participant banks in our Asian syndicate whilst considerably increasing the overall liquidity available”.