Commodity trader Trafigura has closed a multi-currency syndicated revolving credit facility (RCF) and term loan facilities for a total equivalent to US$2.2bn. The facilities were oversubscribed and subsequently increased from US$1.6bn to US$2.2bn.

A total of 28 international banks participated in the facilities, which comprise a 364-day US$1.3bn RCF, a three-year US$625mn term loan facility, as well as a renminbi (Rmb)-denominated one-year tranche equivalent to US$255mn. These will refinance the maturing three-year tranche from 2012 and the maturing one-year RCF and one-year Rmb tranches from 2014. The facilities will also be used for general corporate purposes.

ANZ, DBS, First Gulf Bank, Industrial and Commercial Bank of China (ICBC), Oversea-Chinese Banking Corporation (OCBC), United Overseas Bank (UOB) and Sumitomo Mitsui Banking Corporation (SMBC) participated as original mandated lead arrangers (MLAs) and bookrunners. In addition, Bank of China (BOC) joined as an MLA and bookrunner. Three MLAs and eleven financial institutions also joined the facilities.

This is the third year that an Rmb tranche has been included, and the tranche size increased by the equivalent of US$40mn from the previous year’s syndication. ICBC and CTBC Bank were active bookrunners. In addition, one MLA and four financial institutions joined this tranche during syndication.

“Trafigura has further increased its strong access to committed sources of funding from banks across Asia Pacific, as well as from the Middle East, India and Europe participating in the facilities,” says Christophe Salmon, chief financial officer at Trafigura. “This also builds on the successful signing of our flagship European multi-currency syndicated revolving credit facilities totalling US$5.3bn in March this year, which was supported by over 50 financial institutions. The fundraising illustrates once again the strengths and resilience of our diversified funding model, founded on a broad and stable set of banking relationships.”

Full list of banks participating in the 364-day US dollar RCF and three-year US dollar term loan facility

Mandated lead arrangers and bookrunners
Australia and New Zealand Banking Group
Bank of China
DBS Bank
First Gulf Bank
Industrial and Commercial Bank of China
Oversea-Chinese Banking Corporation
United Overseas Bank
Sumitomo Mitsui Banking Corporation

Mandated lead arrangers

Standard Chartered Bank
Westpac Banking Corporation
National Australia Bank

Lead arrangers

National Bank of Abu Dhabi
Bank of Baroda
Mizuho Bank

Arrangers

Banque Misr
Commonwealth Bank of Australia
The Bank of Tokyo-Mitsubishi UFJ
CTBC Bank
Malayan Banking Berhad
Sumitomo Mitsui Trust Bank
KBC Bank
Mizrahi Tefahot Bank
Union De Banques Arabes Et Françaises

Full list of banks participating in one year Rmb term loan facility

Mandated lead arrangers and bookrunners
Industrial and Commercial Bank of China
CTBC Bank

Mandated lead arrangers

Bank of China
Agricultural Bank of China

Lead arrangers

KDB Asia Limited
The Korean Development Bank

Arrangers

Land Bank of Taiwan
Mega International Commercial Bank
Taiwan Co-operative Bank