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Trafigura Said to Seek $3 Billion of Loans to Refinance Debt

Trafigura Beheer BV, the third-largest independent oil trader, is seeking $3 billion of loans to refinance a credit line it signed last year.

The facility, which will include one- and three-year portions, is being offered with an initial interest margin of 130 basis points more than benchmark lending rates on the shorter piece, according to a person with knowledge of the transaction, who asked not to be identified as the terms are private. The longer loan will pay interest of 190 basis points more than benchmarks. A basis point is 0.01 percentage point.

ING Groep NV, Lloyds Banking Group Plc and Societe Generale SA are arranging the deal, the person said. Money in a revolving credit can be borrowed again once it’s been repaid. Trafigura’s outstanding $1.1 billion revolving credit facility maturing March 1 has a margin of 125 basis points more than benchmarks, according to data compiled by Bloomberg.

Geneva-based Trafigura spokeswoman Victoria Dix declined to comment by e-mail.

Sales at the closely held company dropped 1.6 percent to $120 billion in the 12 months to September, after gaining 53 percent the year before, Trafigura Chief Financial Officer Pierre Lorinet said Dec. 4.

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