Arcadia Petroleum Ltd., a London oil trader, increased a loan amount by about 14 percent after attracting at least four banks in general syndication, said a person familiar with the matter.
The loan size was expanded to about $280 million from $245 million, said the person who asked not to be identified because the details are private. The person didn’t give details on the banks joining the syndication.
Arcadia hired ABN Amro Bank NV, BNP Paribas SA, Credit Agricole CIB, ING Groep NV, Rabobank International, Societe Generale SA and Standard Chartered Plc to help arrange the one- year facility, two people familiar with the matter said in September.
Proceeds will be used by the oil trader to refinance debt. Arcadia signed a $275 million revolving credit facility in September last year which matures in November, according to data compiled by Bloomberg. Banks committing $20 million or more to the loan are paid a 75 basis point fee for a so-called all-in payment of 265 basis points more than Libor, one of the people said.