OMAHA, Nebraska – Tenaska Marketing Ventures/Tenaska Marketing Canada/Tenaska Gas Storage (collectively TMV) today announced that it has completed the renewal of a $1 billion committed credit facility for a four-year term maturing in July 2014.
The facility, first established in 2006, will continue to be used to finance TMV’s natural gas inventory transactions and as liquidity support for TMV’s operations.
TMV is the natural gas marketing affiliate of Tenaska, one of the nation’s largest independent energy companies. It is consistently ranked by Platt’s Gas Daily among the 10 largest gas marketing companies in the United States and Canada.
“We are very pleased to have renewed this facility on attractive terms, especially in a challenging banking environment,” said TMV Senior Vice President of Finance, John Obermiller. “Tenaska’s strong reputation combined with the high quality of TMV’s operations and collateral led to a 50 percent oversubscription to the facility.”
“Through this transaction, we have maintained the significant strength of our liquidity position and financial flexibility. We are in an excellent position to continue growing our business and providing our customers the high quality of service they expect.”
BNP Paribas and Société Générale are co-lead arrangers of the facility. The Bank of Tokyo-Mitsubishi UFJ, Ltd., Rabobank Nederland, Natixis, and Credit Agricole CIB are co-documentation agents. A total of 20 lenders participate in the facility.
About TMV
TMV is an affiliate of Omaha-based energy company Tenaska, one of the leading independent power producers in the U.S. Forbes magazine ranks Tenaska 16th on its list of the largest privately-held U.S. companies, based on 2008 revenues. TMV provides natural gas commodity, volume management, hedging and asset management products and services. In addition to being ranked as one of the top 10 natural gas marketers in North America by Platt’s Gas Daily, TMV is No. 1 in the nation in natural gas pipeline capacity trading. TMV also was ranked No. 1 in the U.S. for value and loyalty by customers responding to Mastio & Company’s 2009 survey. In 2009, TMV sold or managed 2 trillion cubic feet of gas – a volume equaling about 8.8 percent of the total U.S. gas consumption. To learn more about TMV, visit Tenaska’s website at www.tenaska.com.