Commodities trading company Trafigura has renewed and increased its US$1.76bn syndicated revolving credit and term loan facility for Asia.
The facility, which was oversubscribed, was initially launched at US$1.2bn.
This is the second year in a row that the facility was oversubscribed, being launched at US$900mn this time last year.
The original mandated lead arrangers and bookrunners for the deal were ANZ, Industrial and Commercial Bank of China, Standard Chartered, DBS, National Australia Bank and Sumitomo Mitsui Banking Corporation.
During syndication, the Bank of China joined as an original mandated lead arranger and bookrunner.
This year, the facility is comprised of a 364-day revolving credit facility, with three-year and five-year term loan facilities. It also includes a Chinese renminbi (RMB) financing tranche.
Trafigura is the first trader to offer a RMB-funded facility, which led to seven new banks joining the facility and significantly increased the company’s exposure with Taiwanese banks in particular, the company outlines.
“We attracted 13 new banks to this facility, including the seven that supported the RMB tranche. In total, 38 banks are committed to the facility, which demonstrates growing awareness throughout the Asia Pacific region about the success of Trafigura’s business model,” Pierre Lorinet, CFO and Asian managing director of Trafigura, comments.