The Vitol Group announced the successful signing of its syndicated revolving credit facilities totaling $8 billion. Vitol said the new facilities include a $7.076 billion 3-year revolving credit facility with two 12-month extension options and a $924 million 364-day tranche with two 364-day extension options. The facilities will be used for general corporate purposes and to refinance the company’s $7.5 billion debt package signed in October 2014.

The transaction launched on 24th August 2015 at $6 billion and was oversubscribed to approximately $8.7 billion. In total, 57 banks (including seven new banks) joined the facilities.

The transaction was led by ABN AMRO Bank, Crédit Agricole, Lloyds Bank, Rabobank and UniCredit Bank as active bookrunners and mandated lead arrangers, as well as BofA Merrill Lynch International, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citigroup Global Markets, Commerzbank London Branch, Credit Suisse, DBS Bank London Branch, Deutsche Bank Luxembourg, HSBC Bank, ING Bank, J.P. Morgan Limited, Mizuho Bank, RBS, Société Générale, Standard Chartered and Sumitomo Mitsui as bookrunners and mandated lead arrangers. Vitol said J.P. Morgan Europe is agent.

The Vitol Group is an independent energy trader. Its trading portfolio includes crude oil, oil products, LPG, LNG, natural gas, coal, electricity, agricultural products, metals and carbon emissions. Globally, Vitol trades over 5 million barrels of crude oil and oil products per day and revenues in 2014 were $270 billion.