Traxys, a Luxembourg-based metals and natural resources trader, has refinanced and extended its revolving credit facility (RCF) in an oversubscribed deal that saw the entry of new banks into the syndication.

The deal, a US$1.33bn multicurrency syndicated RCF, was signed last week, and replaces a US$1.29bn RCF that closed last year.

The facility is structured in four tranches: a one-year committed borrowing base tranche, a three-year committed borrowing base tranche, a one-year uncommitted borrowing base tranche, and a one-year committed unsecured tranche. Each tranche includes a one-year extension option. In addition, the facility has a US$250mn accordion feature.

The deal was oversubscribed, with many existing banks increasing their commitments to Traxys from the previous year. All tranches were increased, including a reinforcement and reset of the three-year secured tranche and an augmented one-year committed unsecured tranche, which Traxys says demonstrates banks’ support of the company’s business.

“The success of the transaction demonstrates once again the strong support of Traxys from both new and existing banking partners and highlights the extremely positive outlook for our firm,” says Todd Hermanson, Traxys’ group chief financial officer. “This facility represents the cornerstone of our financing portfolio, being further complemented by a similar amount of flexible bilateral and other working capital finance solutions.”

The transaction was arranged by Rabobank, Deutsche Bank, ING, Société Générale and Natixis as active bookrunning mandated lead arrangers, with DBS coming in as bookrunning mandated lead arranger. HSBC served as mandated lead arranger, while Bank of China, CA Indosuez, Credit Suisse, Garanti Bank, KfW Ipex and UBS participated as lead arrangers.

Meanwhile, ABN Amro, Bank Leumi, Banque Cantonale de Gèneve, Banque Cantonale Vaudoise, Banque Internationale De Commerce, Banque Internationale à Luxembourg, Brown Brothers Harriman & Co, DZ Bank, Gazprombank, MUFG, Nedbank, Raiffeisen Bank and Standard Chartered joined as arrangers.

Bank of China and Gazprombank are new entries into the syndication this year, while BNP Paribas, which participated as a mandated lead arranger in last year’s deal, was not involved this year.

“This significant commitment from so many lenders strongly supports the continued growth of our company’s diverse and global commodities businesses,” says Mark Kristoff, CEO of Traxys. “The facility will ensure Traxys further consolidates its leading position in the world’s strategically important base metals and battery materials markets as well as the industrial minerals and ferro and noble alloy businesses. All of our markets benefit significantly from the increased long-term demand perspectives for our sector overall.”