STAMFORD, Conn.--(BUSINESS WIRE)--Castleton Commodities International LLC (“CCI” or “the Company”) announced today the closing of two credit facilities totaling $3.6 billion. The facilities include a committed senior secured working capital facility and a committed unsecured revolving credit facility. The senior secured facility is comprised of a $1.25 billion 3-year tranche and a $2.0 billion 364-day tranche. The unsecured facility is comprised of a single $350 million 364-day tranche.
Both facilities were significantly oversubscribed, with CCI receiving over $4.9 billion of commitments in total. A diverse group of 27 banks from 13 countries participated in the facilities, including two new banks.
The proceeds will refinance CCI’s existing $3.3 billion senior secured facility and $300 million unsecured facility signed in June 2016, fund general corporate purposes and provide letters of credit for the Company’s merchanting activities in multiple countries. The senior secured facility features a $1.0 billion accordion which remains available to support future growth.
BNP Paribas Securities Corp, Societe Generale, MUFG, ABN AMRO Capital USA LLC, Citigroup Global Markets Inc., Coöperatieve Rabobank U.A., New York Branch, Natixis, New York Branch and Credit Agricole Corporate and Investment Bank acted as Joint Lead Arrangers and Joint Bookrunners for the facilities, with BNP Paribas serving as Global Coordinator and Administrative Agent for the senior secured facility and Citibank, N.A. serving as Administrative Agent for the unsecured facility.
Cadwalader Wickersham & Taft LLP served as counsel to the lenders. Stroock & Stroock & Lavan LLP served as counsel to the borrower.
About Castleton Commodities International LLC
CCI is a global commodities merchant with an integrated set of operations consisting of physical and financial commodities trading and the ownership, operation, and development of commodities-related upstream and infrastructure assets. The Company markets a broad range of physical commodities including natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, petrochemicals, electric power, coal, metals and financial instruments related to commodities. CCI is headquartered in Stamford, Connecticut with offices in Calgary, Canada; Geneva, Switzerland; Houston, Texas; London, United Kingdom; Shanghai, China; Singapore; and Montevideo, Uruguay.