The Prax Group, a leading independent oil refining, trading, storage, distribution and retail conglomerate dealing in petroleum products and bio-fuels, has announced the successful completion of a USD750 million securitisation facility. The Group mandated HSBC Bank plc as Arranger, with HSBC Bank UK plc, Citibank N.A., JPMorgan Chase Bank, N.A., and Royal Bank of Canada as Senior Note Purchasers.
Robin Edwards, Chief Financial Officer of the Prax Group, said: “This new source of funding is an important milestone for the Group and will provide it with a solid platform from which to execute its strategic objectives and to support its future growth plans. The launch of a new securitisation facility, particularly amidst the backdrop of a challenging economic environment, serves to highlight the strength of our business model, and the confidence that the securitisation participants have in our management team and our vision for the future. We are very appreciative of their support in providing this commitment to the Group,” he concluded.