Commodity trader Trafigura has closed the refinancing of its 2010 refined metals borrowing base facility at US$2bn.
First implemented in 2010 at US$1.02bn, the facility has almost doubled in size this year and it is supported by a 16-bank syndicate. Deutsche Bank acted as co-ordinating bank, facility and security agent and account bank.
Additionally, Standard Chartered, Société Générale, Natixis, Mizuho, Crédit Agricole, Deutsche Zentral-Genossenschaftsbank, The Bank of Tokyo-Mitsubishi UFJ, Oversea Chinese Banking Corporation, Commonwealth Bank of Australia, Rabobank, KfW Ipex-Bank, DBS, Citi, Westpac and Commerzbank joined the facility as original lenders.
The facility is structured as a one-year uncommitted secured facility. It encompasses refined metals receivables and inventory located in over 30 countries globally, providing Trafigura with liquidity at a competitive price for working capital financing needs.
Laurent Christophe, Trafigura’s head of corporate finance, says: “We are delighted that the facility which is the cornerstone of financing for our metal trading business continues to grow and that a number of new banks [such as DBS and Commerzbank] have joined this year.”
“Deutsche Bank is proud to have co-ordinated and arranged this transaction which demonstrates the bank’s strong focus to deliver global solutions to global partners,” adds Michael Spiegel, global head trade finance and cash management for corporates, global transaction banking, Deutsche Bank. The bank took over the co-ordination of the facility in 2014 when it replaced BNP Paribas.