Castleton Commodities International announced the closing of two committed credit facilities totaling $3.75 billion. The facilities include a committed senior secured working capital facility and the company’s debut committed unsecured revolving credit facility.
The senior secured facility is comprised of a $1.25 billion 3-year tranche and a $2.25 billion 364-day tranche. The unsecured facility is comprised of a single $250 million 364-day tranche.
BNP Paribas Securities, SG Americas Securities, Bank of Tokyo-Mitsubishi UFJ, Natixis, NY Branch, Rabobank, NY Branch and ABN AMRO Capital USA acted as joint lead arrangers and joint bookrunners for the secured facility, with BNP Paribas serving as global coordinator, sole underwriter and administrative agent.
The facilities were significantly oversubscribed, with CCI receiving over $5 billion of commitments for the senior secured facility and over $350 million of commitments for the unsecured facility. A diverse group of 25 banks from 11 countries participated in the facilities, including 8 new banks. CCI elected not to exercise an accordion feature which remains available to support future growth.
The proceeds will refinance CCI’s existing $1.6 billion senior secured facility, fund general corporate purposes and finance the company’s acquisition of Morgan Stanley’s Global Oil Merchanting business. The facilities feature numerous amendments intended to facilitate expanded oil trading and international activity.
Stamford, CT-based CCI is a global commodities merchant with an integrated set of operations consisting of physical and financial commodities trading and the ownership, operation, and development of commodities-related upstream and infrastructure assets.