Hartree Partners Secures $455 Million Credit Facility for Growth
Hartree Partners Closes Significant Credit Facility
Hartree Partners, LP has celebrated a noteworthy achievement in its financial journey by successfully securing its inaugural senior unsecured revolving credit facility totaling $455 million. This milestone reflects Hartree's strategic approach to enhancing its capital structure and meeting evolving market demands.
Details of the Credit Facility
The credit facility comprises both a one-year and a three-year tranche, equipped with an accordion feature. This feature allows an increase of the Facility capacity up to $750 million, enabling Hartree Partners to address liquidity needs effectively and seize future growth opportunities. A total of eight financial institutions participated in this robust financial agreement, showcasing a diverse backing for the Company.
Statements from Leadership
Bryan Keogh, the Chief Financial Officer of Hartree Partners, expressed enthusiasm over this achievement, noting that, "Securing our first unsecured revolving credit facility marks a crucial step towards diversifying our available capital sources. The facility positions us to quickly access funding during significant commodity-related investment opportunities and market fluctuations. We are truly thankful for the support and confidence displayed by our banking partners in this endeavor."
Key Financial Partners Involved
ING Capital LLC played a key role as the Administrative Agent and Bookrunner for the Facility. Additionally, prestigious banks such as Citibank NA, Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, and MUFG Bank Ltd. joined forces as Joint Lead Arrangers. Their collaboration underlines the confidence the financial sector has in Hartree Partners’ vision and stability.
Legal Counsel Representation
Legal representations were expertly managed with Cadwalader, Wickersham & Taft LLP serving as counsel for the lenders, while Hogan Lovells US LLP represented Hartree Partners. This legal backing ensures that the structuring of the Facility aligns with industry standards and regulatory requirements.
About Hartree Partners, LP
Hartree Partners, LP stands as a premier global merchant firm in the commodities arena, specializing especially in energy and correlated industries. With over 25 years of experience, Hartree’s operations are jointly owned by its senior management and funds managed by the esteemed Oaktree Capital Management, L.P. This unique ownership structure empowers the firm's agility and strategic decision-making in a dynamic market landscape.
Frequently Asked Questions
What was the total amount of the credit facility secured by Hartree Partners?
The credit facility secured by Hartree Partners totals $455 million, with provisions to increase to $750 million.
Who were the main financial partners involved in this facility?
ING Capital LLC served as the Administrative Agent and Bookrunner, along with several other banks including Citibank NA and Credit Agricole Corporate & Investment Bank.
What strategic benefits does this credit facility offer Hartree Partners?
This facility provides Hartree Partners with rapid access to unsecured capital, aiding in liquidity and enabling the firm to capitalize on growth opportunities.
How does Hartree Partners stand out in the commodities sector?
Hartree Partners is known for its specialization in energy and commodities, with a strong legacy and joint ownership structure that enhances its financial resilience.
Who are the legal counsels representing both sides of this transaction?
Cadwalader, Wickersham & Taft LLP represented the lenders, while Hogan Lovells US LLP served as counsel for Hartree Partners.
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