Trafigura has closed a package of financing facilities worth US$2.7bn from 30 banks to underpin its operations in Asia.

The global commodity trader closed two 365-day facilities: one US$620mn revolving credit facility and a CNH term loan, equivalent to US$1.17bn.

The two deals were slimmed-down equivalents of loans that closed last year at US$685mn and US$1.22bn respectively, which the new lending is helping to refinance.

Trafigura has also closed a US$930mn three-year term loan, a significant boost on the US$278mn loan it received in 2020 and which this deal also refinances.

In addition to refinancing, all three facilities will also be used for general corporate purposes.

“We have successfully refinanced our Asian unsecured syndicated facilities with more than US$500mn in additional liquidity,” says Trafigura group chief financial officer Christophe Salmon.

“This increase fully relates to the three-year USD term loan, demonstrating robust support for the company’s strategy, governance and ability to deliver strong results through different commodity and credit cycles.”

Explaining the slight shrinking of the one-year tranches and widening of the three-year tranche, a Trafigura spokesperson tells GTR that some banks opted to re-balance their exposures in favour of the facility with the longer tenor.

The total financing package was oversubscribed by around US$700mn, the trader says, with four new banks joining.

The mandated lead arrangers and bookrunners are: Abu Dhabi Commercial Bank, Agricultural Bank of China, Bank of Communications Shanghai sub-branch, Bank of Communications Singapore branch, China Construction Bank, DBS, Development Bank of Japan, First Abu Dhabi Bank, Industrial and Commercial Bank of China, Oversea-Chinese Banking Corporation and Standard Chartered.

Standard Chartered is the global co-ordinator while DBS and First Abu Dhabi Bank are the sustainability co-ordinators.

The Export-Import Bank of China is the mandated lead arranger and bookrunner on the syndication of the CNH tranche.

22 lenders participated in the US dollar-denominated tranches, while 14 took part in the CNH portion of the package.

The deal is tied to the same sustainability targets as those in the trader’s European syndicated financing which closed earlier this year. They include trimming scope 1 and 2 emissions, responsible sourcing of metals and growth in the company’s renewable energy portfolio.