Castleton Commodities International (CCI) closed a $2.2 billion borrowing base facility consisting of a $1 billion 18-month tranche and a $1.2 billion two-year tranche. The facility also includes a $1 billion accordion, which remains available to support future liquidity needs and growth. A diverse group of 17 banks from eight countries participated in the facility.
“We are extremely pleased with the successful renewal of our multi-currency global borrowing base facility,” Rick Dolcetti, CFO of CCI, said. “The facility was once again oversubscribed with CCI receiving over $2.8 billion in total commitments. We appreciate the sustained support from our deep banking relationships which demonstrates confidence in CCI’s well-established global businesses.”
BNP Paribas, MUFG Bank, Société Générale, Citibank, Coöperatieve Rabobank, Credit Agricole Corporate and Investment Bank, ING Capital, Natixis and Wells Fargo Bank served as joint lead arrangers and joint bookrunners for the facility.
Credit Suisse and Industrial and Commercial Bank of China acted as senior managing agents in the facility. An additional six banks also participated at various commitment levels. BNP Paribas served as global coordinator and administrative agent for the facility.
Cadwalader, Wickersham & Taft served as counsel to the lenders. Stroock & Stroock & Lavan served as counsel to the borrower.