Metals and minerals trader Traxys has grown its flagship multi-currency syndicated revolving credit facility (RCF) to US$2bn, in a deal the company said was “significantly oversubscribed” by its 30-bank lending group.
The facility was increased by US$185mn via its accordion option, taking it up to US$2bn from the US$1.8bn secured during last year’s refinancing.
The amend-and-extend agreement was signed on June 19 and became effective on June 30, the company said.
Twenty banks increased their commitments compared to their 2025 allocations. Five of the seven banks that joined the syndicate during last year’s refinancing have increased their commitments again this year, which the trader described as “a particularly compelling endorsement of their confidence” in the company.
Mark Kristoff, Traxys’ group chief executive, added the financing would support the company’s position across base metals, battery materials, industrial minerals, and ferro and noble alloys.
“Close collaboration with our diverse shareholder base will continue to enable us to serve our customers and suppliers with solutions to secure supply and optimise price exposure in today’s volatile and geopolitically complex commodities markets,” he said.
The facility is split into four tranches: a three-year committed borrowing base tranche, a one-year committed borrowing base tranche, a one-year uncommitted borrowing base tranche, and a one-year committed unsecured tranche.
Each tranche’s tenor has been extended by a year, and three extension options have been reinstated, Traxys said.
The fourth tranche’s allocations have also been increased as a percentage of the total RCF, which the trader said “reflected growing lender appetite for the unsecured tranche”.
Additionally, the facility retains US$415mn of accordion capacity, alongside a swingline sub-limit that allows it to access short-notice liquidity.
Rabobank, DBS Bank, Deutsche Bank, ING, Natixis CIB, Société Générale and UBS Switzerland acted as active bookrunning mandated lead arrangers. HSBC Continental Europe (Germany), Bank of China’s London branch and CA Indosuez (Switzerland) participated “at the top-ticket level as passive bookrunning mandated lead arrangers”.
Wells Fargo acted as a mandated lead arranger, while Abu Dhabi Commercial Bank, DZ Bank and GarantiBank International were lead arrangers. Six banks also acted as arrangers and 10 banks were co-arrangers on the facility.
Traxys was advised by Simmons & Simmons and Redbridge Debt & Treasury Advisory. The lending banks were advised by Allen Overy Shearman Sterling.
Todd Hermanson, Traxys’ group chief financial officer, said the “strong oversubscription” and the pace at which newer banking partners increased their commitments reflected lenders’ confidence in the company’s balance sheet.
The deal follows Traxys’ 2026 acquisition of Swedish ferroalloys and carbon products supplier Carbomax, and comes as the trader continues to participate in Project Vault, the US government-backed critical minerals reserve programme.
It also comes weeks after Trafigura closed its own upsized European RCFs, suggesting bank appetite for large commodity trader revolving facilities remains strong despite ongoing volatility in commodities markets, largely driven by the Strait of Hormuz disruptions.
