Press release

Credit facility closes

Published on17 Mar 2010

17 March 2010 - Trafigura Beheer B.V. (“Trafigura” or “the Company”), the international commodities trading company, today announces the successful closing of the Company’s syndicated revolving credit facility (the “Facility”), which was launched at US$1,500 million.

 

Following strong support from new and existing institutions predominantly in the European markets, the Facility was significantly oversubscribed with total commitments received nearing US$2.5 billion. The Facility subsequently closed at an increased amount of US$2,325 million, allowing an element of scale back for the committed banks.

 

The Facility serves as a refinancing of the Company’s existing US$520 million 1 year facility, which signed in March 2009, and the remaining 3 year (US$1,025 million) tranche from the Company’s US$1,600 million facility which signed in March 2008 (together the “Existing Facility”).

 

Trafigura’s chief financial officer Pierre Lorinet said: “The Facility is an excellent result for Trafigura. The support received from the banking community demonstrates the banks’ long-term confidence in Trafigura’s business model and conservative approach to risk management, which continues to be the driver behind the Company’s strong profitability. The Facility will further enable Trafigura to continue its long-term growth strategy”.

 

The Facility comprises two tranches:

  • Tranche A: a US$625 million 364-day revolving credit facility with two 1 year extension options; and
  • Tranche B: a US$1,700 million 3 year revolving credit facility.

 

The Facility can be drawn in multiple currencies and includes the provision of off-balance sheet instruments.

 

Whilst the Existing Facility also provided an element of 3 year finance, this new Facility has increased the 3 year element of the overall facility amount to 73%.

 

The Facility follows the successful close of a US$700 million syndicated revolving credit facility in November 2009, targeted at the Asian market. 

 

Further Information

Trafigura Press Office:

Tel: +44 207 009 1708 or media@trafigura.com