1stAugust2023
THE PRAX GROUP ANNOUNCES SUCCESSFUL SIGNING OF A $350 MILLION INVENTORY FINANCING FACILITY WITH FREEPOINT COMMODITIES
The Prax Grouphas announced the successful signing of a new two-year $350 million dollar inventory financing facility with Freepoint Commodities. This will provide liquidity and flexibility for future product procurement, as well as securing supply for the Prax Group's strong customer base.
Ben Lahnstein, Chief Financial Officer of the Prax Group, said: "As we continue to grow as a global energy conglomerate, having a robust working capital structure in place aligns with our long-term strategic objectives. This certainty of funding provides us with a solid platform from which to execute our growth strategy, serving to highlight the strength of our business model and giving us the functionality to expand the business even further."
"This transaction is the next important step in providing a comprehensive solution to a key client of our firm. We look forward to continuing this valuable relationship with the Prax Group," said David Messer, Freepoint's CEO.
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Notes to Editors
About The Prax Group: www.prax.com
Corporate Headquarters:
Prax Group
York House
45 Seymour Street
London W1H 7JT
United Kingdom
Email: press@prax.com
About Freepoint:www.freepoint.com
Media Contact:
Paige Thornton
RF|Binder
212-994-7554
paige.thornton@rfbinder.com