4thApril 2025
THE PRAX GROUP ANNOUNCES A LANDMARK COMMODITY FINANCE FACILITY FOR PRAX SOUTH AFRICA (PTY) LTD., ARRANGED BY NEDBANK CIB AND SUPPORTED BY ABSA, SBSA AND RMB
Johannesburg, South Africa:The Prax Group announcesthe successful closing of its inaugural South African structured trade finance facility ("the Facility") for Prax South Africa. This unique and bespoke facility was arranged by Nedbank CIB and jointly funded by Absa, Standard Bank of South Africa (SBSA), and Rand Merchant Bank (RMB). The Facility is structured as an integrated and holistic working capital solution to support the Prax Group's Southern African operations as a shareholder in the National Petroleum Refiners of South Africa ("Natref") Refinery. Natref was commissioned in 1971 and today it is one of three fully operational refineries in South Africa, and the only crude oil refinery located inland. The refinery supplies 30% of the inland gasoline and gasoil/diesel demand, and directly employs approximately 700 people.
Nedbank CIB was appointed as the sole Bookrunner, Mandated Lead Arranger, Coordinator, Issuing Bank, Facility and Security Agent, leveraging the bank's expertise in structured trade finance and commodity finance, syndication and distribution. This transaction was made possible through the collaborative efforts of Absa, SBSA, and RMB, who all joined Nedbank CIB as co-Lenders. The expertise and resources of these leading financial institutions were instrumental in structuring and executing this complex transaction in a timely manner. Nedbank, SBSA and Absa are also providing a range of hedging services to Prax South Africa. This underscores South African lenders' ability to facilitate investments in the energy sector and support strategic growth initiatives.
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 midstream and downstream, with offices in London, Houston and Singapore. The Group strives to limit its carbon footprint and to embrace the advent of transitional fuels.
www.prax.com
Enquiries:
Prax Group
York House
45 Seymour Street
London
W1H 7JT
United Kingdom
Email: press@prax.com