Trafigura Trading, a wholly-owned subsidiary of Trafigura Group Pte Ltd, a market leader in the global commodities industry, has renewed its North American Energy Borrowing Base Credit Facility, according to a news release.
Trafigura launched a two-year, $4.25bn facility in April 2023 and received over $4.5bn in total commitments.
Following a strongly oversubscribed syndication, Trafigura closed the largest facility in the North American commodity finance market at $4.54bn, according to the release. The increased liquidity positions Trafigura to continue growing its market share in trading hydrocarbons, transition and renewable fuels, power and carbon credits.
Trafigura continues to be one of the largest domestic marketer and exporter of crude and petroleum products in North America, supported by its extensive network and logistic assets, as well as its access to crude oil from Canada, Bakken, PRB, DJ Basin, Eagle Ford to the Permian Basin.
Trafigura’s North American Chief Financial Officer, TJ Tedla, said: “Immediately after releasing our record six-month interim results for the period ending Mar 31, 2023, we achieved a successful syndication of our North America Energy flagship facility. The strong oversubscribed commitment from our financing partners is a testament of their confidence in our ability to respond to the strong demand for our services amid challenging market conditions and continued disruption to the movement of vital resources around the world. The facility has also been enhanced to allow the financing of low-carbon feedstocks and fuels.”
Acting Lead Arrangers and Joint Book-runners were MUFG (also acting as Administrative Agent and Collateral Agent), Société Générale, and Natixis, New York Branch. Also, Société Générale, Natixis, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Credit Agricole Corporate and Investment Bank, and Cooperative Rabobank U.A., New York Branch acted as Syndication Agents.
