Six One Commodities Successfully Expands and Renews Revolving Credit Facility

November 29, 2023

Source: Businesswire

STAMFORD, Conn.--(BUSINESS WIRE)--Six One Commodities LLC (“61C”) today announced that it has successfully closed a $700 million expansion and renewal of its one-year revolving borrowing base credit facility (the “Facility”). The Facility includes a $300 million accordion feature, bringing total capital available to $1 billion. The expanded Facility, which will continue to be used to provide liquidity to support 61C’s growing physical business, was significantly oversubscribed and includes a globally diverse group of ten North American, European, and Asian financial institutions.

Benjamin Sutton, 61C’s CEO, commented: “This refinancing, achieved amidst a challenging credit environment, underscores our lending partners' confidence in 61C's performance and growth potential. Our ability to secure such substantial support paves the way for us to scale our operations and enhance our market presence.”

ING Capital LLC, Wells Fargo Bank, N.A., MUFG Bank, Ltd., and Societe Generale are Joint Lead Arrangers for the Facility. Other lenders participating in the facility are HSBC Bank USA NA, Coöperative Rabobank U.A, Natixis, New York Branch, Credit Agricole Corporate and Investment Bank, GarantiBank International N.V., and Valley National Bank.

“We are grateful for the strong support shown by our new and existing lenders,” said Josh Bailey, Chief Financial Officer of 61C. “Their commitment, particularly within a tight credit market, is testament to 61C's robust financial management and strategic vision. This refinancing not only provides the liquidity needed for our growing physical business but also fortifies our capability to explore future growth avenues efficiently.”

“ING is delighted to have played a leading role in this landmark financing for 61C,” said Cauê Todeschini, Head of Trade Commodity Finance, Americas for ING Capital LLC. “The positive market reception and significant oversubscription underscore the confidence lenders place in 61C’s leadership, growth prospects, and strategic direction.”

ABOUT SIX ONE COMMODITIES LLC

61C is a global merchant of physical energy commodities and provides physical supply services and structures. Formed in 2018, 61C is backed by Pinnacle Asset Management, and headquartered in Stamford, CT with offices in Houston 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.

ABOUT PINNACLE ASSET MANAGEMENT, L.P.

Founded in 2003, Pinnacle Asset Management, L.P. is a private, New York-based alternative asset management firm focused on the global commodities markets with approximately $6 billion under management. Pinnacle provides its institutional investor base with exposure to the global commodities markets via physical and financial absolute return funds, strategies, and products. Pinnacle is registered as an investment adviser with the Securities and Exchange Commission, is registered as a commodity trading adviser and a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association.

Contacts

Joseph Limone
Chief Operating Officer
(203) 409-2329
josephlimone@61commodities.com

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