The Prax Group has announced the successful signing of a new two-year $350 million dollar inventory financing facility with Freepoint Commodities. This will provide liquidity and flexibility for future product procurement, as well as securing supply for the Prax Group’s strong customer base.
Ben Lahnstein, Chief Financial Officer of the Prax Group, said: “As we continue to grow as a global energy conglomerate, having a robust working capital structure in place aligns with our long-term strategic objectives. This certainty of funding provides us with a solid platform from which to execute our growth strategy, serving to highlight the strength of our business model and giving us the functionality to expand the business even further.”
“This transaction is the next important step in providing a comprehensive solution to a key client of our firm. We look forward to continuing this valuable relationship with the Prax Group,” said David Messer, Freepoint’s CEO.