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TRAFIGURA Beheer BV has successfully raised new US$1.73 billion credit facilities from Asian banks, it said Friday.
The syndicated facilities were well supported by the banking community and oversubscribed, having launched at US$1.3 billion, the giant commodity trader said.
The new facilities comprised of a 364-day revolving credit facility (US$1.08 billion), a three-year term loan facility (US$435 million), as well as a CNH denominated one-year tranche (US$215 million). CNH is offshore renminbi.
The firm refinanced the US$1.085 billion 364-day revolving credit facility and the US$150 million one-year CNH tranche of the US$1.76 billion facility signed in October 2013 and the US$115 million three-year term loan which was signed as part of the US$875 million facility in October 2011.
This was the second year that a CNH tranche was included, increasing by US$65 million over the previous year, it said.
"We're delighted that Trafigura's relationship with the banking community continues to strengthen and deepen with twenty-nine banks, including five new banks committing to the facilities from across Asia Pacific as well as from the Middle East, India and Europe," said Pierre Lorinet, the company's Asia Pacific chief financial officer and managing director.
"We're seeing interest in the commodity sector continuing to grow coupled with the recognition of Trafigura's ability to deliver profitable and sustained growth," he said.
Trafigura mandated Australia and New Zealand Banking Group Limited, DBS Bank Ltd, Industrial and Commercial Bank of China, Standard Chartered Bank, United Overseas Bank Limited, Oversea-Chinese Banking Corporation Limited and Sumitomo Mitsui Banking Corporation as original lead arrangers and bookrunners.
During the syndication, Bank of China Limited joined as original lead arranger and bookrunner.
ChinaTrust Bank Co, and Industrial and Commercial Bank of China acted as bookrunners for the CNH tranche of the facilities.
Founded in 1993, the Trafigura Group has become one of the world's leading independent commodity traders, specialising in the oil, minerals and metals markets. Its primary trading activities are the supply and transport of oil and petroleum products and non-ferrous and bulk commodities.
Owned by more than 700 of its almost 9,000 employees based in 58 countries, Trafigura set up its Singapore office in 2012.