Castleton Commodities International (CCI) closed two credit facilities totaling $3.525 billion. The facilities included a committed borrowing base facility, comprised of a $1.15 billion three-year tranche, a $2 billion 364-day tranche and a committed revolving credit facility, comprised of a single $375 million 364-day tranche.
BNP Paribas served as global coordinator and administrative agent for the borrowing base facility and Citibank served as administrative agent for the revolving credit facility. BNP Paribas, Société Générale, MUFG, ABN AMRO Capital, Citigroup Global Markets, Coöperatieve Rabobank, Natixis, New York Branch and Crédit Agricole Corporate and Investment Bank acted as joint lead arrangers and joint bookrunners, while ING Bank and Standard Chartered Bank acted as senior managing agents on the facilities.
Both facilities were significantly oversubscribed, with CCI receiving nearly $5 billion of commitments in total. A diverse group of 25 banks from 12 countries participated in the facilities.
The proceeds will be used to refinance CCI’s existing $3.25 billion borrowing base facility and $350 million revolver signed in June 2017, fund general corporate purposes and provide letters of credit for the company’s merchanting activities in multiple countries. The borrowing base facility features a $1 billion accordion which remains available to support future growth.
Cadwalader Wickersham & Taft served as counsel to the lenders. Stroock & Stroock & Lavan served as counsel to CCI.
CCI is a global commodity merchant which markets a broad range of physical commodities, including electric power, natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, base metals and petrochemicals.