ING signs first guaranteed syndicated loan of $ 650 million for Pilot Company’s Energy division
NEW YORK, April 1, 2021 / PRNewswire / – ING led a new $ 650 million Basic syndicated loan guaranteed on behalf of the Energy and Wholesale Marketing division of Pilot Company, a leading fuel supplier and travel center operator in North America.
The facility supports the purchase and storage of petroleum products, energy and wholesale, logistics and merchant operations of Pilot Company. ING acted as lead manager and sole mandated bookrunner, along with participating lenders BNP Paribas, Rabobank, MUFG and Wells Fargo Bank NA The transaction closed on March 26, 2021 and was of course oversubscribed.
“ING has been a strong partner of Pilot Company for several years and this new financing solution supports our growth initiatives in the energy sector and fits perfectly into our capital structure”, said Kevin wills, financial director, pilot company. “We were impressed with their industry expertise and execution capabilities in leading this inaugural operation. ING has built a strong group of syndicated banks who understand our capabilities and were keen to support our business.
“We appreciated the opportunity to extend our relationship with this landmark transaction for Pilot Company, its first transaction in the commodity finance space,” said Matthieu rosetti, Managing Director and Head of Commodity Finance North America at ING. “Pilot Company has a strong and dedicated management team and is well positioned to be one of the largest commodity merchants in the world. North America. We were delighted to see this validated by strong demand from our syndicated banks. “
ING Capital LLC is an indirect US subsidiary of ING Group NV, a global financial services company with a network spanning 40 countries. The ING Group has 51,000 employees who help its 36.9 million customers manage their money and achieve their financial goals. ING in the United States offers a full range of wholesale financial products, such as commercial loans, and a full range of financial market products and services through ING Financial Holdings Corporation and its affiliates.
About the pilot company
The pilot company keeps North America drivers moving as one of the major fuel suppliers and the largest operator of travel centers. Founded in 1958 and based in Knoxville, Tennessee, Pilot Company has expanded its network to more than 1,000 retail and fueling outlets and as the third largest tanker fleet in North America, delivers more than 11 billion gallons of fuel annually to the market. Its energy division also provides DEF, bio and renewables and provides transport and disposal services. Through the company’s extensive network of refueling points, Pilot Company serves 1.5 million customers per day and provides more than 30,000 direct fleet customers with bundled solutions for fuel, credit, factoring, services and rewards. His Pilot Steering Wheel J The travel center network includes more than 750 locations in 44 states and five Canadian provinces with more than 680 restaurants, 74,000 truck parking spaces, 5,300 luxury showers, 6,200 diesel lanes and provides maintenance service. trucks and tires through Southern Tire Mart to Pilot Flying J. The One9 fuel network connects a variety of refueling points to deliver value, convenience and benefits to fleets and professional drivers in over 240 locations across United States. More information on locations and rewards is available in the myRewards Plus app.
Pilot Company is currently ranked # 10 on Forbes’ list of America’s Largest Private Companies. For more information on Pilot Company, its 28,000 team members and its commitment to giving back, visit www.pilotcompany.com.
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SOURCE ING Capital LLC