Trafigura has signed a syndicated revolving credit facility (RCF) and term loan facilities worth the equivalent of US$1.665bn.
The facilities were initially launched at US$1.4bn, and closed oversubscribed, with the support of 25 banks.
They include a 364-day US$1.185bn RCF, a three-year US$290mn term loan facility and a US$190mn-equivalent renminbi (Rmb)-denominated one-year tranche.
ANZ, DBS Bank, United Overseas Bank (UOB) and Sumitomo Mitsui Banking Corporation (SMBC) were original mandated lead arrangers and bookrunners on the loan. They were joined by Industrial and Commercial Bank of China (ICBC), Overseas Chinese Banking Corporation (OCBC), First Gulf Bank (FGB), Westpac and National Australia Bank (NAB) as mandated lead arrangers (MLAs).
National Bank of Abu Dhabi (NBAD), Mizuho, Bank of China, China CITIC Bank, Emirates NBD, Commonwealth Bank of Australia (CBA), Malayan Banking Berhad, Sumitomo Mitsui Trust Bank, KBC Bank and Union De Banques Arabes Et Francaises joined in the syndication.
CTBC Bank was the active bookrunner on the Rmb tranche, along with ICBC and Agricultural Bank of China as Rmb MLAs. The Korea Development Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taipei Fubon Commercial Bank joined the Rmb tranche during syndication.
The facilities will be used to refinance the maturing three-year tranche signed in 2013, as well as the maturing one-year RCF and one-year Rmb tranches from 2015. This is the fourth year that Trafigura’s syndicated financings have comprised an Rmb tranche.
Christophe Salmon, chief financial officer at the commodity trader, says: “We are very pleased with the outcome of the syndication. Despite conditions in the syndicated loan market being more challenging, our banks have demonstrated their continued commitment to and confidence in Trafigura’s growth plans.
“This also builds on the successful signing of our flagship European multi-currency syndicated revolving credit facilities totalling US$5.1bn in March this year, which was supported by 45 financial institutions. The fundraising illustrates once again the strength and resilience of our diversified funding model, founded on a broad and stable set of banking relationships.”