Commodities trading company Trafigura has renewed its Asian syndicated revolving credit and term loan facility at US$1.24bn.

The facility, which was oversubscribed, was initially launched at US$900mn.

The loan will refinance Trafigura’s previous US$775mn 364-day tranche of its US$875mn revolving credit and term loan facility, which closed in October 2011.

The new deal is comprised of a 364-day revolving credit facility and a three-year term loan facility.

Trafigura’s chief financial officer and Asia Pacific managing director, Pierre Lorinet, says: “In total 29 banks committed to the facility, including a number of new banks for Trafigura located in Russia, the Middle East and Taiwan, where our banking relationships are developing at a rapid pace. This shows the widening appeal of both the facility but also of Trafigura’s business model.”

Trafigura mandated ANZ, Standard Chartered, Westpac, Industrial and Commercial Bank of China, National Australia Bank, Overseas-Chinese Banking Corporation and Sumitomo Mitsui Banking Corporation as mandated lead arrangers and bookrunners on the deal. ANZ, Standard Chartered and Westpac acted as active bookrunners.