Commodities trader Traxys has renewed its anchor US$1.57bn revolving credit facility (RCF), which the company says is a vote of confidence from its banks following a majority buyout by its management team.

The multi-currency syndicated facility is provided by 24 lenders and includes three-year and one-year committed borrowing base tranches and a one-year committed unsecured tranche, all extendable by a further year. It also comes with a US$375mn accordion feature.

The number of banks and value of the RCF is identical to the most recent renewal in May last year. That deal was a significant increase on facilities in previous years, reflecting rocketing commodity prices in the aftermath of Russia’s invasion of Ukraine.

DBS, Deutsche Bank, ING, Natixis, Rabobank and Société Générale led the facility as active bookrunning mandated lead arrangers.

“The success of the transaction demonstrates once again the strong support of Traxys’ banking partners and highlights the robust capital structure and positive outlook for our firm,” says Traxys group chief financial officer Todd Hermanson.

“This facility represents the cornerstone of our diverse financing portfolio and is further complemented by a similar amount of flexible transactional bilateral and other working capital finance facilities. Additionally, the new ownership structure strengthens Traxys’ global leadership position in the supply chain of energy transition metals.”

Traxys specialises in metals and minerals. The trader announced in February that its management was buying a majority stake in the company from private equity firm Carlyle, with the support of market maker Optiver and investment firm CoLift.

Other banks involved in the deal are Credit Suisse and HSBC as mandated lead arrangers and Bank of China’s London and Geneva branches, CA Indosuez and UBS as lead arrangers.

DZ Bank, Garanti Bank International, KfW Ipex-Bank, Raiffeisen Bank International and Wells Fargo are arrangers.

The co-arrangers on the deal are: Absa Bank, Banque Cantonale de Gèneve, Banque Cantonale Vaudoise, Banque Internationale De Commerce, Banque Internationale à Luxembourg, Brown Brothers Harriman & Co, MUFG and Nedbank.

Simmons & Simmons and Redbridge Debt & Treasury Advisory advised Traxys, while Clifford Chance acted as counsel to the lenders.