Trafigura has settled a new US$1.5bn prepayment facility agreement.
The facility will be used to make a prepayment to Rosneft for a crude oil supply contract, signed in June 2013.
Under the contract, Rosneft will export up to 10.11 million tonnes of crude oil and petroleum products through Russian ports to Trafigura. The sale price on this contract is in line with the price received by Rosneft at regular tenders.
RBS acted as co-ordinating bookrunner and documentation agent while Société Générale acted as facility and security agent on the deal.
The mandated lead arrangers on the transaction were BNP Paribas, KfW IPEX, Lloyds and UniCredit.
The other original lenders were Apple Bank, BAWAG, Banco do Brasil, Credit Agricole, Rabobank, Deutsche Bank, ICBC, ICICI, Mashreq Bank and United Overseas.
Christophe Salmon, CFO Emea for Trafigura, comments: “This is a landmark transaction for Trafigura in terms of the size, but also in its helping to support our ambitious growth plans within Russia. Sixteen banks joined the facilities, underlining the strong market appetite for structured commodity finance transactions.”