Inver announces €100 million asset based financing for expansion
19 February 2015
Irish-owned and Cork-based fuels company, Inver Energy, has announced major new financing facilities to fund the growth of its fuel import and marketing business in Ireland and the UK.
The financing facilities include a €100 million asset based lending facility and term debt and ancillary facilities of €12.5 million. The asset based lending facility is the first of its kind in the Irish fuel sector and will fund Inver’s working capital requirements through the provision of a multi-currency revolving credit facility comprising letters of credit, inventory and receivables finance.
The asset based lending syndicate comprises of Barclays, Bank of Ireland, BNP Paribas and Credit Suisse. Barclays and Bank of Ireland are Mandated Lead Arrangers of the Receivables and BNP Paribas is the mandated lead arranger for the inventory. The term debt and ancillary facilities are provided by Bank of Ireland and will be used to fund the growth of Inver’s expanding forecourt network.
Commenting on the new financing arrangements, Inver CEO, Chris O’Callaghan said: “These new facilities will provide a robust, flexible and cost-effective financing platform for Inver’s future development. We are very pleased with the support of a banking syndicate that combines the global expertise of major international banks with Bank of Ireland’s know-how in the Irish market.”
Inver Energy operates from fuel import terminals in Foynes and Cardiff and recorded a consolidated operating profit of €4.1m in its latest audited accounts for the year ended 31 December 2013. Inver continues the expansion of its UK wholesale fuels business and its Irish forecourt network.
It recently announced the purchase and development of two new forecourt sites in Limerick which will add 25 jobs to the local economy. Inver currently has a nationwide network of 20 Inver branded service stations operated in partnership with independent forecourt owners.