March 1 (Bloomberg) -- ED&F Man Holdings Ltd., a closely-held agricultural commodities trader, hired 11 banks to help it refinance about $1.8 billion of loans, according to three people with knowledge of the matter.
The company began negotiations with lenders in January for the financing, which is now being offered to banks in a wider syndication stage, said the people, who asked not to be identified because the transaction is private. The size of the loans will be decided once syndication is complete, they said.
ABN AMRO Bank NV, BNP Paribas SA, ING Groep NV, Natixis SA, Rabobank International, Societe Generale SA and Standard Chartered Plc have been appointed bookrunners while DBS Bank Ltd., HSBC Holdings Plc, Lloyds Banking Group Plc and Nedbank Group Ltd. are mandated lead arrangers, they said.
Company officials based in London did not immediately return a telephone call seeking comment on the financing.
London-based ED&F Man, which trades sugar, molasses and coffee, is seeking to replace a one-year $1.2 billion credit line and a three-year $582 million revolving credit facility, the people said.
A $500 million facility maturing in April 2014 and a $705 million credit line due March 2015 will remain in place, the people said. Under a revolver, money repaid can be borrowed again.
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