Daily News: July 8, 2019

Citigroup, Rabobank, Others Lead Castleton $2.775B Facilities


Castleton Commodities closed two credit facilities totaling $2.775 billion. The facilities include a committed borrowing base facility and a committed unsecured revolving credit facility.

The borrowing base facility is comprised of a $750 million three-year tranche, a $1.15 billion two-year tranche and a $500 million 364-day tranche. The unsecured revolving credit facility is comprised of a single $375 million 364-day tranche.

The proceeds will refinance CCI’s maturing borrowing base and revolving credit facilities signed in July 2018, 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.

“We are extremely pleased with the successful renewal of our credit facilities and with the ongoing strong support for our business from our banking partners,” said Dan Hines, CFP of CCI. “The facilities were significantly oversubscribed, with CCI receiving nearly $4 billion in total commitments from a diverse group of 24 banks from 12 countries.”

BNP Paribas, Societe Generale, MUFG, ABN AMRO Capital USA, Citigroup Global Markets, Rabobank, New York Branch, Natixis, New York Branch and Credit Agricole Corporate and Investment Bank acted as joint lead arrangers and joint bookrunners. ING Capital Land Standard Chartered Bank acted as senior managing agents for the facilities. 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.

Cadwalader, Wickersham & Taft served as counsel to the lenders. Stroock & Stroock & Lavan LLP served as counsel to the borrower.

CCI is a global energy commodity merchant.