International commodities trading company, Trafigura Beheer, has signed a US$1.6bn revolving credit facility. The loan was originally launched at US$1.1bn, but following a successful syndication period the deal was oversubscribed. The borrower opted to increase the size of the transaction, although some commitments were scaled back.
The deal was arranged via mandated lead arrangers and bookrunners BNP Paribas, Fortis Bank, ING Bank and the Royal Bank of Scotland.
It consisted of two tranches: tranche A is a US$575mn 364-day revolving credit facility with two one-year extension options and a six-month term out option, while tranche B is a US$1.025mn three-year revolving credit facility.
The facility is to become effective at the end of March, refinancing an existing US$1.1bn deal signed in 2007. The existing facility also carried a three-year tenor, but under the terms of the new facility this three-year element will now be increased from 34% of the overall facility to 64%.
This previous US$1.1bn was signed in March 2007, and refinanced a previous US$600mn facility. The refinancing was required due to the continual rise in global commodity prices, as well as the growth of Trafigura.
Joining the new facility in syndication as additional mandated lead arrangers are Bank of China (London branch), Barclays Bank, Bayerische Hypo- und Vereinsbank (London branch), Calyon, DBS Bank, HSH Nordbank (London branch), Lloyds TSB, Soci&eaute;té Générale Standard Chartered Bank, Credit Suisse, and Natixis. Lead arrangers are Commerzbank, Deutsche Bank and Mizuho Corporate Bank, while arrangers are ABN Amro, WestLB, ANZ, Bank of Tokyo-Mitsubishi UFJ, BHF-Bank, Israel Discount Bank, Overseas-Chinese Banking Corporation and Raiffeisen Zentralbank, SMBC, Bank CIC, Banco Itau Europa, and National Bank of Greece (London branch).
Ticket sizes available ranged from US$75mn for mandated lead arrangers, to US$50mn for lead arrangers and US$25mn for arrangers.
This deal also follows on from Trafigura's previous US$525mn syndicated revolving credit facility closed in November 2007.
Trafigura specialises in oil, minerals and metals, with its primary trading business focused on the supply and transport of crude oil, petroleum products, natural gas, LNG, metals, metal ores and concentrates. It is the second largest independent non-ferrous trading company and the third largest independent oil trader.
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