Trafigura Clinches USD 1.5 Billion of Finance Deals

Trafigura logo is pictured in the company entrance in Geneva March 11, 2012.  REUTERS/Denis Balibouse

Trafigura, a market leader in the global commodities industry, announced the closure of its new Syndicated Revolving Credit Facility and Term Loan Facilities at USD1.5 billion-equivalent. The Facilities were oversubscribed and upsized from their initial launch amount of USD1.0 billion-equivalent, with 27 banks participating in the transaction.

The new Facilities comprise of a 365-day USD revolving credit facility (USD760 million), a 1-year CNH term loan facility (USD445 million equivalent) and a 3-year USD term loan facility (USD300 million). The new Facilities will be used to refinance the maturing 3-year term loan tranche from 2016 and the maturing 1-year USD and 1-year CNH tranches from 2018, as well as for general corporate purposes.

Christophe Salmon, Group Chief Financial Officer for Trafigura said: “We are very pleased with the outcome of the syndication, showing once again our strong access to committed sources of funding from banks across Asia Pacific and the Middle East who also participated in the Facilities. The success of the syndicate demonstrates that Trafigura is a well-established borrower, which commands significant interest in the Asian and Middle Eastern banking market. I was particularly pleased with the increased amount in our 3-year tranche which shows the confidence that banks have about our ability to weather different commodity and credit cycles as well the record level reached under the CNH tranche which has confirms Trafigura’s front-ranking position among commodity traders in the offshore Renminbi centres.”

Trafigura mandated DBS Bank Ltd (“DBS”), Industrial and Commercial Bank of China Limited, London Branch (“ICBC”), Standard Chartered Bank (Singapore) Limited (“SCB”) and Sumitomo Mitsui Banking Corporation Singapore Branch (“SMBC”) as the Mandated Lead Arrangers and Bookrunners. SCB acted as Global Coordinator of the transaction. In addition, seventeen financial institutions joined the USD tranches of the Facilities during syndication.

China Construction Bank Shanghai Pudong Sub-branch (“CCB”), CTBC Bank Co., Ltd (“CTBC”) and ICBC were the Mandated Lead Arrangers and Bookrunners in connection with the CNH syndication of the Facilities. In addition, five financial institutions joined the CNH tranche of the Facilities during syndication.

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