Freepoint Commodities closed a $1.45 billion revolving bank facility. The facility’s $1 billion three-year committed tranche was extended through May 2019, and the one-year uncommitted tranche was upsized to $450 million from $300 million. The facility also has a $550 million accordion feature.
The credit facility finances the physical merchant activities of Freepoint’s expanding global commodities businesses.
BNP Paribas and MUFG are joint lead arrangers and joint bookrunners for the facility. BNP Paribas remains as the administrative agent. Co-syndication agents include: ING Bank, Natixis (NY branch) and Societe Generale.
“We are pleased with the upsize of our credit facility and the ongoing commitment of our lenders. We welcome the addition of two new participants to the facility, Credit Agricole and UBS. These changes provide the financial flexibility we need to allow us to continue to grow and diversify our business,” said CEO David A. Messer.
Stamford, CT-based Freepoint is a merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets. Freepoint also provides physical supply services and related structured solutions for counterparties.