BNP Paribas Announces $1 Billion Multicurrency Secured Revolving Credit Facility with Sempra Energy Trading.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- On June 17, 2004, BNP Paribas BNP Paribas (Euronext: BNP, TYO: 8665 ) is one of the main banks in Europe and France. It was created on 23 May 2000 through the merger of Banque Nationale de Paris (BNP) and Paribas. , acting as Sole Lead Arranger Lead arranger The senior tier of arranger , successfully closed a $1 billion multicurrency secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility (the "Facility") for four borrowers forming part of Sempra Energy Trading, the commodity-trading unit of Sempra Energy. The Facility has a tenor of two years with a 364-day extension option and will be used for credit extensions that are within the borrowing base ("BB") with a sub-facility of up to $500 million for credit extensions in excess of the BB and which is guaranteed by BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. +/Baa1-rated parent Sempra Energy. The transaction is unique in the commodities sector given its size and the complexity of the BB structure, which allows for multiple borrowers and currencies. The Facility also gives the borrowers flexibility to leverage their assets and to rely on the strength of the parent's credit rating, if necessary. The transaction closed with commitments from 14 lenders, based mostly in the U.S. and Europe, including seven issuing banks. Sempra Energy Trading is a leading participant in marketing and trading physical and financial commodity products including natural gas, power, petroleum products and base metals. Sempra Energy Trading combines trading and risk management experience with physical-commodity expertise to provide innovative solutions for its customer's worldwide. Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2003 revenues of $7.9 billion. With a presence in more than 85 countries and over 87,000 employees, BNP Paribas provides a full array of financial products through a portfolio of brands that cover a variety of distribution channels. Headquartered in New York, BNP Paribas in North America offers a broad range of corporate, investment banking and securities brokerage activities. With locations in all the major corporate and financial centers across the United States and Canada, BNP Paribas in North America serves a world-class client base of multinational corporate and mid-cap companies, major issuers and institutional buyers. As a registered NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). broker-dealer and member of SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. , BNP Paribas Securities Corp. trades and markets a vast array of global and domestic fixed income and equity products. |
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