Commodity trader Trafigura has received a US$3bn borrowing base facility for its North American operations.

The two-year loan was led by MUFG (also administrative agent), Natixis and Société Générale as lead arrangers and joint bookrunners. Trafigura was unable to disclose the number and names of other lenders involved, when contacted by GTR.

The company says it decided to reduce the facility from US$3.5bn to US$3bn “despite a strong oversubscription”, due to lower financing needs in the low commodity price environment.

The financing will be used to support Trafigura’s energy trading, logistics and merchant activities in North America, including its crude and condensate supplies from the Eagle Ford and Permian basins, as well as its interest in the Buckeye Texas Partners terminal in Corpus Christi, Texas.

“The Trafigura group is pleased to have had another successful refinancing with the facility being oversubscribed. This allows us to continue to meet the working capital needs of our growing business. The continuing commitment from our banking partners allows us to continue to secure market opportunities and grow our energy-related assets,” comments the company’s North American chief financial officer, Rodney Malcolm.