MET Group closes EUR 1.2bn oversubscribed borrowing base facility
MET Group has closed a EUR 1.2 billion Borrowing Base Facility for its Sales and Trading segment, with the refinancing described as significantly oversubscribed. The transaction, coordinated by ING Bank N.V. as facility agent, drew sufficient demand to increase the facility size by EUR 100 million from its original target, while retaining a further accordion option that could expand the total commitment to EUR 1.8 billion.
The lending syndicate was arranged by ING alongside Coöperatieve Rabobank, Natixis CIB and Société Générale as bookrunning mandated lead arrangers. The transaction also brought in MUFG as a new Japanese banking partner, diversifying what the company described as a broad international banking group. MET did not disclose the tenor of the facility or the margin applied.
The deal
Ankur Khera, chief financial officer of MET Sales and Trading, said the level of oversubscription amounted to "a clear endorsement of our strategy and disciplined growth approach," adding that the facility gives the company confidence to accelerate its ambitions "while maintaining a strong focus on risk and execution."
The facility is described by MET as the key financing vehicle for its trading operation and is positioned to support chief executive Huibert Vigeveno's stated ambition of building MET into a "European Energy Champion." The company serves customers across 24 countries through subsidiaries and is active in 33 national energy markets and 51 international trading hubs. In 2025, it reported consolidated sales revenue of EUR 28.5 billion, with natural gas volumes of 241 billion cubic metres and traded electricity of 160 terawatt-hours.
Market context
Borrowing base facilities are a standard instrument for commodity traders, providing revolving credit collateralised against the mark-to-market value of physical inventory and receivables. Their size and pricing are sensitive indicators of lender appetite for a trading counterparty's risk profile, making an oversubscribed refinancing a meaningful signal of banking-sector confidence in MET's book.
The broader European energy trading landscape remains shaped by the volatility that followed Russia's invasion of Ukraine in 2022. Several mid-sized traders were forced into emergency liquidity arrangements or consolidated during that period, as margin calls on hedging positions exposed weaknesses in working-capital structures. Survivors that maintained investment-grade credit quality or strong lender relationships have since benefited from reduced competition and wider commercial margins. MET's ability to upsize its facility in the current environment, and to attract a major Japanese bank to the syndicate, suggests it sits comfortably in the stronger tier of European independent energy traders.
The inclusion of MUFG is also notable from a geopolitical perspective. Japanese trading houses and banks have continued to deepen European energy-market relationships, partly as an extension of long-term LNG procurement strategy. MET's existing LNG activities make it a natural counterparty for institutions with exposure to global gas flows.
MET has not announced specific customer contracts or asset acquisitions linked to this facility. Observers will be watching for deployment of the additional lender capacity, and whether the company exercises the accordion to reach the EUR 1.8 billion ceiling, as indicators of how quickly it intends to scale trading volumes in the near term.