May 30, 2019   SOURCE: BusinessWire

Six One Commodities LLC Closes a US$100,000,000 Borrowing Base with ABN AMRO Capital USA LLC as Lead Arranger and Administrative Agent.

Six One Commodities LLC (“61C”) has signed a US$100 million borrowing base facility (“BBF”). The BBF will be used to provide liquidity for its growing business. The facility can be drawn through working capital loans and trade finance instruments such as letters of credit. ABN AMRO Capital USA LLC (“ABN AMRO”) acted as lead arranger and administrative agent on the deal.

In August of 2018, Pinnacle Asset Management, L.P. and affiliated investment entities (“Pinnacle”), a leading commodities and natural resources investment organization partnered with Benjamin Sutton, who had served as Head of North American Gas and Power at Noble Americas Gas & Power Corp., to form 61C. Simultaneously with this partnership, 61C acquired the North American natural gas wholesale trading business from Sierentz Global Merchants LLC. Benjamin Sutton serves as the CEO of 61C.

MANAGEMENT COMMENT

“The closing of our credit facility is a huge leap forward for 61C’s financial flexibility and overall cost of capital,” commented Benjamin Sutton. “We would like to thank ABN AMRO and Pinnacle for their invaluable commitment over the past 9 months, which has been instrumental to the enormous strides 61C has already made.”

ABOUT SIX ONE COMMODITIES LLC

61C is a North American natural gas and power merchant formed in August 2018 and headquartered in Stamford, CT. 61C is led by key members of the former leadership team of Noble North American Gas and Power (“NAGP”) – a former leading natural gas and power merchant. The 61C team has a demonstrated track record of unique market insight, strong client relationships, robust returns, and disciplined risk management to execute on opportunities with the gas and power merchanting space.

ABOUT PINNACLE ASSET MANAGEMENT

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 $2.3 billion under management. Pinnacle provides its institutional investor clientele 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.

ABOUT ABN-AMRO

ABN AMRO is a Dutch based bank for retail, corporate and private banking clients. We are a relationship-driven, knowledgeable and digitally savvy bank, active in the US, Asia and Europe and with expertise in selected sectors globally. Our purpose is Banking for better, for generations to come. Headquartered in Amsterdam, ABN AMRO employs around 19,000 people worldwide. Please visit at www.abnamro.com