Commodity trader Trafigura has secured two revolving credit facilities totalling $400 million, supported by insurance from the Export-Import Bank of the United States.
The funds will be used to buy LNG (liquefied natural gas) cargoes from U.S. exporters and supply to customers mainly in Europe, providing energy security by substituting Russian gas due to the war in Ukraine, the company said.
The agreements were signed after the U.S. EXIM Board of Directors approved two Financial Institution Buyer Credit (FIBC) policies for short-term facilities provided to Trafigura, it said.
“We’re delighted to have successfully closed the first LNG-based facilities backed by US EXIM’s FIBC insurance policy, which supports American jobs by facilitating U.S. exports,” said Christophe Salmon, Trafigura’s Group Chief Financial Officer.
Citibank acted as agent for loan facility.