MET Group gets EUR 885 mln revolving credit facility
MET Group, an integrated European energy company based in Switzerland, but with roots in Hungary, closed a transaction for EUR 885 million in revolving credit facilities from 15 banks on Tuesday, state news wire MTI reported.
The transaction was oversubscribed and upsized by EUR 150 mln from the previous facility extended in December 2017, MET Group said. The new facilities consist of a EUR 607.5 mln secured and a EUR 277.5 mln unsecured revolving credit facility with a 364-day tenor and evergreen extension options. MET Group will use the facilities for working capital and general corporate purposes.
MET Group now has access to EUR 959 mln in syndicated short- and medium-term credit facilities, MTI noted.
MET Group started operating in Hungary in 2007, but is now represented in 15 European countries and has more than 1,700 staff in Austria, Bulgaria, Croatia, Hungary, Italy, Lithuania, Romania, Russia, Serbia, Slovakia, Spain, Switzerland, Turkey, Ukraine and the United Kingdom. Last year, MET Group acquired Hungaryʼs biggest gas distributor, Tigáz.
MET Group is owned by its management. In May 2018, CEO Benjámin Lakatos bought out his partners in the company to become majority owner. The majority of MET had been owned by Hungarian oil and gas company MOL, with 40%, while investors György Nagy and István Garancsi held 25.3% and 10%, respectively, MTI reported at the time.
Hungary Gasoline Prices 3% Over Regional Avg
Hungary to Address Future of Cohesion Policy During EU Presi...
Cordia’s Marina City Project Begins
Budapest Airport Wins 'Best Airport in Eastern Europe' for 1...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
