Castleton Commodities International LLC Closes Credit Facilities Totaling $3.75 Billion
Castleton Commodities International LLC (“CCI” or “the Company”) announced today the closing of two committed credit facilities totaling $3.75 billion. The facilities include a committed senior secured working capital facility and the Company’s debut committed unsecured revolving credit facility. The senior secured facility is comprised of a $1.25 billion 3-year tranche and a $2.25 billion 364-day tranche. The unsecured facility is comprised of a single $250 million 364-day tranche.
The facilities were significantly oversubscribed, with CCI receiving over $5 billion of commitments for the senior secured facility and over $350 million of commitments for the unsecured facility. A diverse group of 25 banks from 11 countries participated in the facilities, including 8 new banks. CCI elected not to exercise an accordion feature which remains available to support future growth.
The proceeds will refinance CCI’s existing $1.6 billion senior secured facility signed in June 2013, fund general corporate purposes and finance the Company’s acquisition of Morgan Stanley’s Global Oil Merchanting business. The facilities feature numerous amendments intended to facilitate expanded oil trading and international activity.
BNP Paribas Securities Corp, SG Americas Securities, LLC, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Natixis, New York Branch, Rabobank Nederland, New York Branch and ABN AMRO Capital USA LLC acted as Joint Lead Arrangers and Joint Bookrunners for the secured facility, with BNP Paribas serving as Global Coordinator, Sole Underwriter and Administrative Agent. In addition to the banks listed above, Citigroup Global Markets, Inc. served as Joint Lead Arranger, Joint Bookrunner and Administrative Agent for the unsecured facility.
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.
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June 29, 2015