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.