Castleton Commodities International (CCI) renewed two credit facilities totaling $2.1 billion. The facilities include a $1.9 billion secured borrowing base facility, divided into an $800 million one-year tranche and a $1.1 billion two-year tranche. The secured facility also features a $1 billion accordion option designed to enhance CCI’s liquidity and support future growth. In addition, there is a $200 million one-year committed unsecured revolving credit facility.
Consistent with last year, the bank group includes 16 banks from nine different countries. The syndication was significantly oversubscribed, with total commitments exceeding $2.5 billion.
“The renewal and extension of these credit facilities underscores the confidence our banking partners have in CCI’s business model and our ability to continue delivering strong financial performance,” Rick Dolcetti, chief financial officer of CCI, said.
MUFG Bank, Société Générale, Citibank, Coöperatieve Rabobank (New York branch), Credit Agricole Corporate and Investment Bank, ING Capital, Natixis (New York branch) and Wells Fargo Bank served as joint lead arrangers for the secured facility. MUFG Bank served as global coordinator and administrative agent for both facilities.
Legal counsel for the lenders was provided by Cadwalader, Wickersham & Taft. Hogan Lovells served as counsel to CCI.
