Freepoint Commodities closed a $2.1 billion revolving bank facility, consisting of a $1.445 billion three-year committed tranche and a $655 million one year uncommitted tranche. BNP Paribas served as administrative agent on the transaction.
BNP Paribas Securities, MUFG Bank and Natixis New York Branch acted as joint lead arrangers and bookrunners for the facility. ABN AMRO Capital, Rabobank New York Branch, ING Bank and Société Générale acted as co-syndication and co-documentation agents. Other participating banks included Bank of China New York Branch, Commonwealth Bank of Australia, Credit Agricole Corporate and Investment Bank, Credit Suisse, Deutsche Bank New York Branch, Industrial and Commercial Bank of China New York Branch, Standard Chartered Bank, UBS Switzerland and Oversea-Chinese Banking New York Agency.
The facility financed the physical merchant activities of Freepoint’s global commodities businesses and included a $300 million accordion feature.
“We are grateful for the robust support that our banks, both existing and new, continue to demonstrate. This year, the facility was oversubscribed by 20%, reflecting our lenders’ ongoing commitment to the sustained success of our business,” said David A. Messer, CEO of Freepoint.
Founded in 2011 and based in Stamford, CT, Freepoint is a merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets. It provides physical supply services and related structured solutions for counterparties.