Prax is actively involved in all major markets and is one of the largest suppliers of petroleum products in the UK.
We are a full service operator and use our expertise and logistics networks to distribute energy around the world, efficiently and responsibly.
We are deeply committed to the highest standards of safety, health, environmental and quality performance.
The Prax Group has announced the successful closing of a new privately placed c.US$300 million (equivalent) Term Loan Facility (the “Facility”). The Facility achieved a substantial oversubscription and was upsized from an original US$250 million, with four institutions participating in the transaction, including three new lenders.
The Private Credit team at HSBC Bank plc (“HSBC”) acted as Sole Mandated Lead Arranger of the transaction. Funds managed by institutional investors including Chimera Abu Dhabi (“Chimera”) and Orchard Global Asset Management (“Orchard Global”) acted as lenders alongside HSBC.
Ben Lahnstein, Group Chief Financial Officer, Prax, said: “The success of the transaction highlights the confidence our lending groups have in Prax and the depth of our banking and investor relationships. This latest funding has diversified our funding sources and strengthened our balance sheet. It provides us with a solid financial platform from which to execute future M&A activities, and deliver sustainable, profitable growth.”
The new Facility will be used to refinance the maturing five-year term loan tranche from 2018, as well as for strategic acquisitions.
Prax Group
York House
45 Seymour Street
London W1H 7JT
United Kingdom
Prax Group Limited is registered in England & Wales under company number 12083334
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