US trader Freepoint Commodities has closed a US$2.63bn revolving credit facility (RCF) with close to 20 lenders.
The Connecticut-based company, which is active in sectors including agriculture, energy and metals, can draw from a US$1.57bn three-year committed tranche and a US$1bn uncommitted tranche. The facility comes with a US$570mn accordion feature.
Freepoint also extended the maturity of its subordinated secured credit facility and boosted its size from US$100mn to US$125mn.
BNP Paribas, MUFG and Natixis are joint lead arrangers and bookrunners for the RCF.
The facility is the same amount as that closed last year, and with an identical list of banks. Freepoint says the facility was oversubscribed, but declined to say by how much when contacted by GTR.
“We are extremely appreciative of the longstanding support and loyalty of our lender group,” said David Messer, Freepoint’s chief executive. The facility’s oversubscription demonstrates “our lenders’ ongoing commitment to our business as we continue to grow our global platform”, he adds.
Rabobank, Société Générale and Wells Fargo are continuing as joint lead arrangers and BNP Paribas as administrative agent. ING, Rabobank, Société Générale and Wells Fargo are co-syndication and co-documentation agents.
The participating banks on the deal are: Bank of China, Commonwealth Bank of Australia, Credit Suisse, Crédit Agricole Corporate and Investment Bank, Deutsche Bank, HSBC, the Industrial and Commercial Bank of China, Oversea-Chinese Banking Corporation, Mizuho Bank, Sumitomo Mitsui Banking Corporation and UBS.