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Metals and minerals trader Traxys has extended its flagship multi-currency revolving credit facility and increased its credit line to US$1.6bn following significant oversubscription.

Following sizeable interest from the market, a dozen lenders submitted increased commitments during the book-building and syndication process. The loan consists of four tranches: a three-year committed borrowing base tranche, a one-year committed borrowing base tranche, a one-year uncommitted borrowing base tranche and a one-year committed unsecured tranche.

These are each extended by one year from the previous facility and amended to include an additional one-year extension option. Traxys has used US$30mn of its US$375mn accordion feature to expand the facility from last year’s US$1.57bn.

DBS, Deutsche Bank, ING, Natixis CIB, Société Générale, Rabobank and UBS Switzerland acted as active bookrunning mandated lead arrangers. Bank of China (London Branch), Bank of China (Geneva) and HSBC Deutschland acted as mandated lead arrangers.

These banks were joined by two lead arrangers, five arrangers and seven co-arrangers.

Todd Hermanson, Traxys Group chief financial officer, says: “This facility is the foundation of our diverse financing portfolio and is complemented by equivalent amounts of flexible transactional bilateral and other working capital finance facilities.”