Trafigura Beheer BV, the world’s third-largest independent oil trader, is offering to pay interest of 125 basis points more than the London interbank offered rate on a $600 million credit line.
The 364-day revolving credit will refinance a $676 million facility maturing in March, according to Jan-Maarten Mulder, global head of corporate finance and treasury at the Amsterdam-based company. The interest margin on the new transaction is the same as the existing line, he said.
The company will hold a bank meeting tomorrow in London for the transaction that has received $575 million of lender commitments and may exceed $600 million, Mulder said. Citigroup Inc., Commonwealth Bank of Australia, DBS Group Holdings Ltd., JPMorgan Chase & Co., Standard Chartered Plc, UBS AG and UniCredit SpA are bookrunners for the financing.
Trafigura also decided to exercise its option to extend the maturity of a $2.5 billion three-year facility to 2015 from 2014, according to Mulder. The company may refinance the one-year $760 million loan it raised in Asia in 2011 later this year, he said.
Trafigura’s 2011 revenue surged more than 50 percent to $122 billion from $79 billion, Alan Williamson, an economist at the firm’s Galena Asset Management unit, said Jan. 10 at an investment conference.
“Following our record performance in 2011, we see very strong support from banks across the world and despite the ongoing financial crisis we are able to increase our access to dollar funding,” Mulder said.