Trafigura Trading LLC successfully renews its North American borrowing base credit facility
Houston, TX, 25 June 2020 - Trafigura Trading LLC, a wholly-owned subsidiary of Trafigura Group Pte Ltd successfully renewed its North American Borrowing Base Credit Facility despite challenging market conditions due to the COVID-19 pandemic.
Despite a strong oversubscription the company decided to slightly reduce the one year facility from USD4.395 billion to USD4.0 billion because of a lower financing need in the lower priced commodity environment. The facility supports Trafigura Trading’s existing energy trading, logistics and merchant activities in North America as well as new activities such as power marketing and trading. This includes its crude supplies from Eagle Ford and the Permian Basin and its access to the Cactus II pipeline and the storage, logistics and processing assets at the Buckeye Texas Partners terminal in Corpus Christi, Texas. Trafigura has utilized its access to these assets to become the largest exporter of US crude.
Trafigura Trading’s North American Chief Financial Officer, Rodney Malcolm, said: “The Trafigura Group is pleased to have had another successful refinancing with the facility being oversubscribed from a broad group of domestic and global financial institutions. This allows us to continue to meet the working capital needs of our growing business. The ongoing commitment from our banking partners allows us to continue to secure market opportunities and grow our energy-related assets.”
Acting as Lead Arrangers and Joint Book-runners were MUFG Bank, Ltd. (also acting as Administrative Agent), Natixis, New York Branch and Societe Generale.
For further information, please contact:
Trafigura’s Global Press Office: +41 (0) 22 592 4528 or email@example.com
Notes to editors
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials (including oil and refined products and metals and minerals) to clients around the world. The trading business is supported by industrial and financial assets, including a majority ownership of global zinc and lead producer Nyrstar which has mining, smelting and other operations located in Europe, Americas and Australia; a significant shareholding in global oil products storage and distribution company Puma Energy; global terminals, warehousing and logistics operator Impala Terminals; Trafigura's Mining Group; and Galena Asset Management.
The Company is owned by around 700 of its 8,000 employees who work in 80 offices in 41 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD171.5 billion in 2019. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade.