Luxembourg-headquartered metals trader Traxys Group has announced the signing of its US$1bn borrowing base facility. The facility will be used to refinance existing debt and for working capital purposes.

According to Traxys, the facility was significantly oversubscribed, but they chose to maintain the launch size of US$1bn by scaling back the committed lenders.

ABN Amro, ING, Rabobank London and Standard Chartered acted as active bookrunning mandated lead arrangers, with BNP Paribas, DBS Bank , HSBC Trinkaus & Burkhardt, Natixis and Société Générale acting as bookrunning mandated lead arrangers .

Additionally, Banque Internationale à Luxembourg, Deutsche Bank, KfW IPEX-Bank and UBS participated as mandated lead arrangers, and Bank Leumi UK, BHF, Citi, Crédit Agricole, DZ Bank, Fifth Third Bank and RBS were lead arrangers.

The facility is structured as a three-tranche borrowing base facility, and includes: a three-year committed US$350mn facility; a one-year committed US$450mn facility with two extension options of 364 days each, and a one-year uncommitted US$200mn facility.

Traxys has over 20 offices worldwide. Its African division acquired the South African competitor Metmar earlier in May for US$24mn. Traxys itself was acquired in late 2014 by a consortium including the Carlyle group and affiliates of Louis Bacon, the founder of Moore Capital Management.