Daily News: December 20, 2018

TrailStone Closes $330MM Revolver with BNP Paribas, Others


TrailStone Group closed a $300 million revolving credit facility with BNP Paribas acting as sole lead arranger and bookrunner. The new facility refinances the company’s current $200 million revolver.

The facility, which launched at $250 million, was oversubscribed by nearly 1.5x. As a result, at closing, the company utilized part of the accordion feature to close at $300 million. The facility still has an additional $100 million accordion remaining.

ABN AMRO Capital USA and Société Générale acted as Co-Syndication Agents on the transaction. Returning participating banks included Coöperatieve Rabobank, New York Branch, Credit Agricole Corporate and Investment Bank, Natixis, New York Branch and ING Bank. Bank of China, New York Branch, MUFG Bank, Standard Chartered Bank and Wells Fargo Bank joined as new participants.

In addition to refinancing TrailStone’s existing revolver, the proceeds will provide working capital liquidity and finance the company’s expansion in physical merchant activities centered around natural gas and renewable power.

TrailStone is a global commodities trader and an investor in strategic commodity assets. It uses its capital on a proprietary basis to buy and sell physical commodities and leverages its know-how in asset optimization and logistics, and its access to the physical markets, to trade financial commodities.