DRW Energy Trading Closes Upsized $1 Billion Revolving Credit Facility

✦ Meridian Analysis

DRW Energy Trading LLC, the energy‑marketing and trading arm of the global firm DRW, has closed an upsized $1 billion revolving credit facility. The syndicated facility consists of a two‑year, $600 million committed tranche, a one‑year, $400 million uncommitted tranche and an additional $400 million accordion feature that can be drawn down if required. The facility was provided by a syndicate of lenders, with Wells Fargo highlighted as a participant in the closing. As the issuer, DRW Energy Trading secures liquidity to fund its physical power and gas trading activities across North America, while the lenders extend credit on a revolving basis, allowing the borrower to draw, repay and re‑draw within the agreed limits and periods. Deal professionals will be looking for details that have not been disclosed, such as the pricing terms, covenant package and the full composition of the lending syndicate. Information on the intended draw schedule, any collateral requirements and the timeline for potential use of the accordion feature would also be material for assessing the facility’s impact on DRW’s balance sheet.

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