Addax Energy, the trading arm of African oil and gas company Oryx Energies, has closed its first-ever committed unsecured revolving credit facility (RCF) totalling US$195mn. The facility was supported by 15 banks, both new and existing for Oryx, and was upsized from its original US$125mn following substantial oversubscription.

The loan includes an accordion feature allowing the facility to be increased to up to US$225mn. It also contains a 364-day extension option. The loan will be used to support Addax’s short-term trade finance requirements and is guaranteed by Oryx Energies.

The deal was arranged by five bookrunners and mandated lead arrangers: CA Indosuez (Switzerland) SA, ING Bank, Natixis CIB, Société Générale and UBS Switzerland. The syndication coordinator is Société Générale, which is also one of three active bookrunners alongside ING Bank and Natixis CIB. Natixis CIB acts as press and information memorandum agent, CA Indosuez (Switzerland) SA is documentation agent, and UBS Switzerland acts as facility agent.

Further support was received by: Arab Banking Corporation, Banque Cantonale de Geneve, Banque de Commerce et de Placements, Banque Internationale de Commerce – BRED (Suisse), Credit Europe Bank (Suisse), Ecobank International, Nedbank’s London branch, Rakbank, Standard Bank and Union de Banques Arabes et Françaises.

Stephen Paris, chief financial officer at Oryx Energies, says of the facility: “We are extremely proud to have successfully closed our inaugural RCF. This landmark transaction will strengthen our liquidity, our financing capabilities and complement our existing bilateral facilities and syndicated borrowing bases already totalling US$3.5bn.

“It demonstrated the strong support of our existing and new banking partners for our business and their confidence in our organisation and financial standing.”

Addax operates as the supply and trading arm of Oryx Energies, managing the financing, transport and storage of oil and gas products in more than 30 countries in Sub-Saharan Africa. The company is headquartered in Geneva, Switzerland.