Tenaska Marketing Ventures Completes Renewal of Borrowing Base, Committed Credit Facility for up to $2 Billion
Natural Gas Marketer Announces New Executive Vice President, Chief Financial Officer
OMAHA, Nebraska – March 22, 2022 – Tenaska Marketing Ventures (TMV), the natural gas marketing affiliate of Tenaska, one of the nation’s largest private, independent energy companies, announced today that it has completed the renewal and increase of its committed borrowing base facility that provides up to $2 billion for a four-year term maturing in March 2026.
The credit facility, first established in 2006, will continue to be used to finance natural gas inventory transactions and provide essential liquidity support for TMV and its affiliates, Tenaska Marketing Canada and Tenaska Gas Storage (collectively TMV).
“The strong showing of support from the banking community is a testament to Tenaska’s 35-year history of financial strength and TMV’s reputation of high-quality customer service and results,” said John Obermiller, executive vice president and chief financial officer of TMV. “Financial flexibility and access to liquidity will allow us to continue to grow our business in the U.S. and Canada well into the future.”
BNP Paribas, Coöperatieve Rabobank U.A., New York Branch MUFG Bank, Ltd., Société Générale, ING Capital LLC and Wells Fargo Bank, N.A. are Joint Lead Arrangers and Joint Bookrunners of the facility. CoBank, ACB, Industrial and Commercial Bank of China Limited, New York Branch, Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation are Senior Managing Agents. A total of 16 lenders are participating in the facility, of which three are new lenders.
TMV ranked second in terms of volume sold among the top natural gas marketing companies in North America by Platts Gas Daily and has ranked among the top 5 marketers since 2013. TMV’s volume of natural gas sold and managed equates to over 10% of U.S. and Canadian natural gas demand. In addition to being one of the largest marketers, customers consistently rank TMV as one of the highest-rated companies in Mastio & Company’s Natural Gas Marketer Customer Value/ Loyalty Benchmarking Study (Major Marketer Group).
Natural Gas Marketer Announces New Executive Vice President, Chief Financial Officer
Tim Kudron will assume the role of executive vice president and chief financial officer for TMV effective April 1, 2022. This change in leadership follows Obermiller’s retirement on March 31, 2022. Obermiller, who started with the company in 2001, has been instrumental in establishing the mid- and back-office functions for TMV, allowing the company to bring more value to its customers by identifying synergies in services and administrative functions. Obermiller played a key role in establishing the original credit facility and has helped TMV build a solid relationship with the financial community over the last 20 years.
“TMV has experienced robust growth in recent years,” said Kudron. “My priorities are to maintain and reinforce the solid business practices, risk controls and relationships established by John, on which Tenaska’s strong reputation in the banking and energy industries is founded.”
Kudron currently serves as senior vice president, finance and administration, for Tenaska. He has been with Tenaska since 1995 and is a member of Tenaska’s Board of Stakeholders. Kudron will remain involved in the company’s strategic planning and continue to serve on various management committees associated with Tenaska business units.
About Tenaska Marketing Ventures
Tenaska Marketing Ventures / Tenaska Marketing Canada / Tenaska Gas Storage (TMV) is an affiliate of Omaha, Nebraska-based energy company Tenaska. TMV offers tailored solutions to meet wholesale customers’ needs for natural gas buying and selling, price hedging, asset management and supply and demand volume swing management. TMV is among the top five largest natural gas marketers in North America and is the top-ranked natural gas pipeline capacity trader. TMV’s volume of natural gas sold and managed equates to 10% of U.S. and Canadian natural gas demand.
About Tenaska
Tenaska is one of the leading independent energy companies in the United States, with a reputation for high standards and expertise in natural gas and electric power marketing, energy management, development and acquisition of energy assets, and operation of generating facilities. Forbes magazine consistently ranks Tenaska among the largest private U.S. companies. Gross operating revenues were $7.7 billion in 2020.
Tenaska is a 2021 U.S. Best Managed Company, a recognition given by Deloitte Private and The Wall Street Journal to private companies that demonstrate excellence in strategic planning and execution, corporate culture and financial results.
Tenaska has developed, managed and/or operated approximately 22 gigawatts (GW) of natural gas-fueled and renewables generation. Its development portfolios include more than 16 GW of solar, wind and energy storage projects. The current Tenaska operating fleet includes 7.5 GW of generating facilities.
Tenaska Marketing Ventures consistently ranks among the top five largest natural gas marketers in North America and is the top-ranked natural gas pipeline capacity trader. Tenaska Power Services Co. is the leading U.S. provider of energy management services to generation and demand-side customers.
More information is available at www.tenaska.com. Connect with Tenaska on LinkedIn and Facebook.
Media Contact
Ann Smith
Office: 402-938-1694
Mobile: 402-210-8852
asmith@tenaska.com