Nov 19, 2019   SOURCE: BusinessWire

Six One Commodities LLC Announces Borrowing Base Expansion and Increase to US$175,000,000

Six One Commodities LLC (“61C”) announced today that the borrowing base facility (“BBF”) under its credit agreement with ABN AMRO Capital USA LLC (“ABN AMRO”) has been increased to US$175,000,000 and ING Capital LLC (“ING”) has joined the BBF.

Following 61C’s recent success and expansion in the North American energy markets, its BBF, led by ABN AMRO, has been enlarged. Accordingly, the BBF available under its credit agreement has been increased 75% from US$100,000,000 to US$175,000,000. The BBF has been expanded and now includes ING. The BBF will continue to be used to provide liquidity for 61C’s growing North American business. The facility can continue to 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 increase and expansion.

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

“I would like to express my thanks to ABN AMRO for its continued commitment to 61C’s global strategy and vision. 61C is also thrilled to welcome ING to the BBF family as another world class financial institution participating in our BBF. We will continue to look to expand the BBF to support our continuing growth over the next few years. The BBF that 61C established in late 2018 has expanded 75% in just one year to its current US$175,000,000, which is a reflection of the high quality of our trading portfolio. I would also like to thank Pinnacle for its continued commitment over the past 15 months, which has been instrumental to the enormous strides 61C has already made,” commented Benjamin Sutton.

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 $2.5 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

ABOUT ING CAPITAL LLC

ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Group NV (NYSE: ING), a global financial institution with a strong European base. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 53,000 employees offer retail and wholesale banking services to customers in over 40 countries. Please note that neither ING Group NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.