Mimicking recent market trends, commodity trader BB Energy has opened a revolving credit facility (RCF) worth US$125mn.

The facility has a tenor of one year with an additional 12-month extension option. It was arranged by BNP Paribas, Natixis, Rabobank and Standard Chartered, with 13 other lenders joining the syndicate.

Initially, the company had hoped to raise US$100mn, but this figure was increased after oversubscription. Bloomberg estimates that since December 2012, commodity traders have raised at least US$35mn in RCFs.

Dominique Fraisse, Natixis’ head of global energy and commodities, tells GTR: “We are one of the key banks of BB Energy. I think if you checked most of the cases, the banks that are arranging these facilities are historic partners of the clients. We are also seeing a few newcomers in the RCF space; Asian banks, Singaporean banks for instance, some US and Swiss banks.”