Commodity trader Trafigura has signed revolving credit facilities (RCFs) worth US$5.3bn. The European multi-currency syndicated RCFs saw an increase of almost US$1.1bn since their initial offering as they were well received by the banks invited, and closed oversubscribed.

The facilities will refinance the company’s current US$4.7bn facilities, as well as being used for general corporate purposes.

“The bank-relationship model is the bedrock of our funding strategy and we are very pleased that the strength of our credit standing continues to attract new financial institutions to our flagship bank facility,” says Pierre Lorinet, Trafigura’s chief financial officer and managing director, Asia Pacific.

He adds that a total of 51 financial institutions committed to the facilities. The loan was arranged by seven mandated lead arrangers and bookrunners: Standard Chartered, Lloyds, UniCredit, Rabobank, ING, Société Générale, and RBS. In addition to these, another three mandated lead arrangers and 41 additional financial institutions joined the RCFs during syndication.

The facilities comprise a US$1.87bn, 364-day RCF with two 364-day extension options, and a US$3.43bn, three-year RCF with two one-year extension options.