Trafigura Group, a market leader in the global commodities industry, announced the closure of its new Syndicated Revolving Credit Facility and Term Loan Facilities at c. USD2.4 billion-equivalent. The Facilities were substantially oversubscribed and upsized from their initial launch amount of USD1.75 billion-equivalent, with 28 financial institutions participating in the transaction, including three new lenders.
The new Facilities comprise: a 365-day USD revolving credit facility; a 1-year CNH term loan facility; and a 3-year USD term loan facility. The new Facilities will be used to refinance the maturing 3-year term loan tranche from 2019 and the maturing 1-year USD and 1-year CNH tranches from 2021, as well as for general corporate purposes.
Christophe Salmon, Group Chief Financial Officer, Trafigura, said: “We are very pleased with the outcome of the syndication, with a closing amount in line with last year’s record. This demonstrates once again our strong access to committed sources of funding from the banking markets across Asia Pacific and Middle East. We are particularly satisfied with the growth in the size of the term loan facilities. As a result, Trafigura continues to increase its available liquidity to manage potential price volatility ahead of the winter season.”
Trafigura mandated DBS Bank Ltd. (“DBS”), Standard Chartered Bank (Singapore) Limited (“SCB”) and Sumitomo Mitsui Banking Corporation Singapore Branch (“SMBC”) as the Mandated Lead Arrangers and Bookrunners. DBS also acted as Global Coordinator of the transaction. In total, twenty-two financial institutions joined the USD tranches of the Facilities during syndication.
Agricultural Bank of China Shanghai Huangpu Branch (“ABC”), Bank of Communications Shanghai Putuo Sub-branch (“BoComm”), China Construction Bank Shanghai Pudong Sub-branch (“CCB”) and the Export-Import Bank of China (“China EXIM”) were the Mandated Lead Arrangers and Bookrunners in connection with the CNH syndication of the Facilities. In total, ten financial institutions joined the CNH tranche during syndication.
