Commodities trading company Trafigura has closed a hugely oversubscribed US$1.1bn multi-currency syndicated revolving credit facility.

The loan was upsized from US$600mn and will mature in 364 days.

Citigroup, Commonwealth Bank of Australia, DBS, JP Morgan, Standard Chartered, UBS and Unicredit acted as mandated lead arrangers and bookrunners on the deal – a different line up from Trafigura’s 2011 facility.

A further 20 banks committed during the general syndication of the loan, including Bank of China, Credit Suisse, Rabobank and Commerzbank as mandated lead arrangers.

The loan will refinance Trafigura’s existing one-year facility, which closed in March 2011 at US$676mn, and will be used for general corporate purposes, a spokesperson at the firm tells GTR.

A source close to the deal confirms that the loan’s price is unchanged from last year’s at 125 basis points, which due to the rising funding costs of European banks proves to be a success, the source says.

Trafigura’s chief financial officer, Pierre Lorinet says: “This highly successful facility will support Trafigura in its long-term growth strategy. I am proud to note the ongoing support offered by banking partners across Europe, Asia and the US. Their involvement bears testament to the long-term confidence held by banks in Trafigura’s business model.”

Meanwhile, Trafigura’s existing US$2.5bn three-year loan issued last year is in the process of being extended by another year, the Trafigura spokesperson tells GTR. “The closing of the extension is expected by the end of March.”

This loan will be led by the same banks, BNP Paribas, ING, Lloyds, RBS, Société Générale and Standard Chartered, due to the banks being locked into an agreement, a source says.

Participants in the US$1.1bn facility

Lead arrangers
Gulf International Bank

Bank of Taiwan
Deutsche Bank
First Commercial Bank
Raiffeissen Bank International

BHF Bank
Fifth Third Bank
Israel Discount Bank
Mizrahi Tefahot Bank