March 6 (Bloomberg) -- Vitol Group’s Asian unit approached banks seeking to refinance debt due in June, according to three people familiar with the matter.
The Geneva-based energy trader has a one-year, $1.585 billion revolving credit facility which matures in June, according to data compiled by Bloomberg. That facility pays a margin of 90 basis points more than the London interbank offered rate, the data show. About 27 lenders participated in the facility, which was established in 2011.
London-based Elizabeth Adams at Brunswick Group LLP, the public relations agency handling media inquiries for Vitol, declined to comment on the company’s financing plans when contacted by phone.
The talks with banks are at an early stage and the cost for Vitol to refinance the facility is expected to increase, the people said, declining to elaborate and asking not to be identified because the details are private.
The banks originally hired to arrange the 2011 facility were Australia & New Zealand Banking Group Ltd., Bank of China Ltd., Commonwealth Bank of Australia, DBS Group Holdings Ltd., HSBC Holdings Plc, ING Groep NV, National Australia Bank Ltd., Oversea-Chinese Banking Corp., Standard Chartered Plc, Sumitomo Mitsui Banking Corp., United Overseas Bank Ltd. and Westpac Banking Corp., according to data compiled by Bloomberg.
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