Regulatory News:
Petroplus Holdings AG (SIX:PPHN) today announced that it has implemented a new receivables securitization program. The five-year program provides up to $200 million (GBP 130 million) through the sale of some of the Company´s receivables in the United Kingdom.
Joseph D. Watson, Petroplus´ Chief Financial Officer, said, "This receivables securitization program is an important step in improving the Company´s liquidity. It enables us to monetize some of our sizeable and very high-quality current assets in a cost-effective manner by accessing the commercial paper market. Importantly, this source of funds extends beyond the normal European banking community. The program represents a reliable, sizeable infusion of cash into the company, and it is expandable to meet future needs."
Petroplus Holdings AG is the largest independent refiner and wholesaler of petroleum products in Europe. Petroplus focuses on refining and currently owns and operates five refineries across Europe: the Coryton Refinery in the United Kingdom; the Antwerp Refinery in Belgium; the Petit Couronne Refinery in France; the Ingolstadt Refinery in Germany; and the Cressier Refinery in Switzerland. The refineries have a combined throughput capacity of approximately 667,000 barrels per day.
