Trafigura has refinanced and lengthened the tenor of its long-running Japanese borrowing facility, with funding from 21 banks.
The commodity trader has signed a ¥104.7bn (US$659mn) five-year term loan maturing in 2031, replacing a three-year ¥82.9bn tranche closed in 2024. A ¥40.5bn five-year term loan signed in 2024 remains, maturing in 2029.
“We are pleased to have successfully refinanced and increased our Samurai loan, which for the first time was offered solely as a five-year tranche,” said Trafigura group treasurer Laurent Christophe. “Access to the Japanese syndicated loan market remains a key pillar of Trafigura’s diversified funding model. We are grateful to the 21 banks who participated in this important transaction.”
A source familiar with the transaction said the adoption of a longer-term tranche reflected its move to a “more ‘corporate-like’ funding model” driven by its strong credit profile and the worldwide adoption of Basel capital regulation changes.
Trafigura’s recently refinanced European revolving credit facility also included a five-year tranche for the first time.
The mandated lead arrangers and bookrunners on the Japanese facilities were Crédit Agricole, the Development Bank of Japan, Mizuho, MUFG and SMBC.
Sixteen further banks joined the syndication, but Trafigura declined to name them.
Trafigura said the facility was “significantly oversubscribed” and upsized by ¥21.7bn compared to the 2024 three-year loan.
