Castleton Commodities International closed on a $1.7 billion borrowing base facility. The facility consists of a $100 million three-year tranche, a $1.25 billion two-year tranche and a $350 million 364-day tranche. The facility also includes a $1 billion accordion, which remains available to support future growth.
BNP Paribas, MUFG, Société Générale, Citibank, Coöperatieve Rabobank, Credit Agricole Corporate and Investment Bank and Natixis served as joint lead arrangers and joint bookrunners for the facility.
Castleton Commodities International will use proceeds from the facility to refinance its existing borrowing base facility signed in June 2020, to fund general corporate purposes and to provide letters of credit for the company’s merchanting activities globally.
“We have successfully renewed our global borrowing base facility, which was once again oversubscribed,” Rick Dolcetti, CFO of Castleton Commodities International, said. “We value the deep relationships we have established with our banking partners, who continue to support CCI’s well-established global businesses.”
Cadwalader, Wickersham & Taft served as counsel to the lenders. Stroock & Stroock & Lavan served as counsel to the borrower.