Trafigura has renewed its North America borrowing base facility in an oversubscribed deal worth over US$4.5bn, as the global commodities trader works to grow its energy business across the continent.

The credit facility, which initially launched in April at US$4.25bn, closed higher following strong commitments, and funds will be used by Trafigura for energy trading and general corporate purposes.

MUFG, Natixis and Société Générale are lead arrangers and joint bookrunners, while MUFG is also acting as administration agent and collateral agent. Crédit Agricole CIB, Mizuho Bank, Natixis, Rabobank, SMBC and Société Générale serve as syndication agents.

Trafigura says the facility is the largest to be closed in the North American commodity finance market and positions the firm to “continue growing its market share in hydrocarbons, transition and renewable fuels, power and carbon credits”.

Trafigura is a major marketer of crude and petroleum products within North America, but also helps ship oil and gas from fields across Canada and the US, including the Eagle Ford and Permian Basins, to foreign buyers.

Last year, Trafigura posted record revenues of US$318.5bn, as the Ukraine war and retaliatory western sanctions imposed on Russia upended global energy supply chains and drove up commodities costs.

Roughly two-thirds of revenue – US$214bn – came from Trafigura’s energy segment and nearly a quarter of this total was generated by its North America business. The region was the firm’s third most lucrative for energy-related income behind Europe and Asia, which each accounted for nearly 30%.

In March, Trafigura closed two oversubscribed revolving credit facilities for a total of US$5.4bn, supporting its European operations, while over the past 12 months, the trader has signed a string of export credit agency-backed deals in Italy, Abu Dhabi and Germany.

“The strong oversubscribed commitment from our financing partners is a testament of their confidence in our ability to respond to the strong demand for our services amid challenging market conditions and continued disruption to the movement of vital resources around the world,” says Trafigura’s North American chief financial officer, TJ Tedla.

The facility has also been enhanced to allow the financing of low-carbon feedstocks and fuels, he adds.