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Cork's Inver secures E100m financing

Written by Business World, on 19th Feb 2015. Posted in Economy

article headlineCork-based Inver Energy today said it has secured E100m in asset-based finance to fund the growth of its fuel import and marketing business in Ireland and the UK. The financing facilities include term debt and ancillary facilities of E12.5 million. The asset based lending facility is the first of its kind in the Irish fuel sector and will fund Inver's working capital requirements through the provision of a multi-currency revolving credit facility comprising letters of credit, inventory and receivables finance. The asset based lending syndicate comprises of Barclays, Bank of Ireland, BNP Paribas and Credit Suisse. Barclays and Bank of Ireland are Mandated Lead Arrangers of the Receivables and BNP Paribas is the mandated lead arranger for the inventory. The term debt and ancillary facilities are provided by Bank of Ireland and will be used to fund the growth of Inver's expanding forecourt network. Commenting on the new financing arrangements, Inver CEO, Chris O'Callaghan said: "These new facilities will provide a robust, flexible and cost-effective financing platform for Inver's future development. We are very pleased with the support of a banking syndicate that combines the global expertise of major international banks with Bank of Ireland's know-how in the Irish market." Inver Energy operates from fuel import terminals in Foynes and Cardiff and recorded a consolidated operating profit of E4.1m in its latest audited accounts for the year ended 31 December 2013. It recently announced the purchase and development of two new forecourt sites in Limerick which will add 25 jobs to the local economy. Inver currently has a nationwide network of 20 Inver branded service stations operated in partnership with independent forecourt owners. For more, visit www.businessworld.ie

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