Peninsula has successfully renewed its $400 million credit facility based in Singapore, further reinforcing its strong financial standing in the marine energy sector.
This development follows the earlier renewal of the company's European banking facility, along with other bilateral lines, bringing Peninsula's total funding capacity to over $1.5 billion.
Peninsula’s business model proves resilient
The maintained $400 million Singapore facility experienced significant interest from banks looking to increase their commitments. An included $75 million accordion option permits expansion to $475 million, enhancing Peninsula's financial adaptability.
This structure mirrors that of the European facility, featuring a 2-year committed tranche, demonstrating sustained confidence from top financial institutions in Peninsula’s resilient business framework.
Strategic lender diversification
The syndicate remains stable, featuring eight financial entities, while new lenders say keen interest in joining
The syndicate remains constant, featuring eight pioneering financial entities, while new lenders express keen interest in joining.
This renewal marks a crucial point in Peninsula’s strategy of diversifying its lender base across critical global regions, ensuring the alignment of its growth with dedicated financial supporters.
Future success and financial stability
John A. Bassadone, CEO of Peninsula, remarked, "Future success in the marine fuels industry will increasingly require both significant capital and liquidity."
He adds, "I’m proud that we deliver both through a robust balance sheet, risk aware business model and enduring relationships with world-class banks. This facility renewal is yet another testament to Peninsula’s strength, stability, and leadership in marine energy."
Enduring partnerships and trust
Peninsula continues to appoint HSBC as the Arranger and Facility Agent. The syndicate comprises UOB, Citibank, Lloyds, Mashreq Bank, Arab Banking Corporation (B.S.C.), OCBC, and QNB Singapore.
Tom Francisco, CFO of Peninsula, added, "Peninsula’s reputation for disciplined execution and strong governance resonates across the banking community." He noted the robust re-engagement of their Asian syndicate and the new interest reflecting trust in their strategy, asserting, "We’ve never been in a stronger financial position than we are today."
