THE PRAX GROUP ANNOUNCES SUCCESSFUL EXTENSION AND AMENDMENT OF ITS $1 BILLION SECURITISATION FACILITY
 

London, United Kingdom, 12 June 2023:The Prax Grouphas announced the successful extension and amendment of its existing securitisation facility, with an extension to 25 February 2025, and an  amendment to include overseas group companies Prax SA, incorporated in Switzerland, Prax PTE, incorporated in Singapore and Prax Inc., incorporated in the US.

The transaction is underwritten by HSBC, Citi, JPMorgan Chase, Royal Bank of Canada and NordLB as Note Purchasers.  Pinsent Masons acted as borrower's counsel and Clifford Chance acted as underwriters' counsel.

As the Group continues to grow as a global energy conglomerate, having a robust capital structure in place aligns with its long-term strategic objectives both in the UK, and beyond.  Whilst the existing facility favoured UK interests, the amendment to include overseas group companies is a logical next step in the international growth of the Group.  Furthermore, it demonstrates the continued support of our relationship banks and a sign of their confidence in our business.

Ben Lahnstein, Chief Financial Officer of the Prax Group, said: "This certainty of funding provides us with a solid platform from which to execute our growth strategy, enabling us to implement our future objectives.  The extension and amendment of our existing securitisation facility, particularly amidst the backdrop of the current economic environment, serves to highlight the strength of our business model, and the confidence that our securitisation banks have in our management team, our vision for the future, and our strategy for achieving this.  We are very appreciative of their continued support in providing this commitment to the Group," he concluded.

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Notes to Editors

About The Prax Group:Headquartered in the UK, the Prax Group is a British multi-national, independent exploration and production, refining, storage, distribution and sales conglomerate dealing in petroleum products and bio-fuels. The Prax Group has a complete integration across the whole oil value chain, from upstream to downstream, with offices in London, Houston and Singapore.  The Group strives to limit its carbon footprint and to embrace the advent of transitional fuels. 

Corporate Headquarters:

Prax Group

York House

45 Seymour Street

London W1H 7JT

United Kingdom

Email: press@prax.com