Castleton Commodities International (CCI) renewed two credit facilities totaling more than $2.1 billion.
The facilities include a $1.9 billion secured borrowing base facility, consisting of an $800 million one-year tranche and a $1.1 billion two-year tranche. The secured facility also features an accordion option of up to $1 billion, providing additional liquidity to support CCI’s continued growth. In addition, CCI renewed a $210 million one-year committed unsecured revolving credit facility.
The facilities were oversubscribed, with commitments exceeding $2.5 billion from a syndicate of 17 banks across nine countries.
“The successful renewal of these facilities underscores the strength of CCI’s platform and the confidence our global banking partners have in our business,” 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.
Cadwalader, Wickersham & Taft served as legal counsel to the lenders. Hogan Lovells served as counsel to CCI.
