Freepoint Commodities closed a $2.565 billion revolving bank facility, which consists of a $1,667,250,000 three-year committed tranche and a $897,750,000 one-year uncommitted tranche. Additionally, the facility has a $600 million accordion feature.
BNP Paribas Securities, MUFG Bank and Natixis are joint lead arrangers and bookrunners for the facility. ABN AMRO Capital, Coöperatieve Rabobank and Société Générale also joined as joint lead arrangers,
BNP Paribas remains as the administrative agent, while ABN AMRO Capital, Coöperatieve Rabobank, ING Bank and Société Générale are serving as co-syndication and co-documentation agents.
Other continuing participating banks include Credit Suisse, Standard Chartered Bank, UBS Switzerland, Industrial and Commercial Bank of China, Bank of China, Credit Agricole Corporate and Investment Bank, Deutsche Bank, Oversea-Chinese Banking Corporation Limited, Wells Fargo Bank and HSBC Bank.
In addition, Freepoint extended the maturity of its subordinated secured credit facility in the amount of $100 million, while Freepoint’s immediate parent, Freepoint Commodities Holdings, extended the maturity of its unsecured credit facility in the amount of $50 million.
“Even in these turbulent times, our flagship working capital facility was once again oversubscribed, demonstrating the ongoing strength of our financing banks’ support for our business,” David A. Messer, CEO of Freepoint, said. “We appreciate the confidence that our lenders have in Freepoint, which allows us to continue to capture opportunities to expand and diversify our global business platforms.”
Freepoint is a merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets.