Trafigura Beheer BV, the third-largest independent oil trader, signed a $4.7 billion syndicated loan after a group of 51 lenders offered more funds than sought.
The financing comprises a $1.4 billion 364-day portion paying an interest margin of 95 basis points more than benchmarks and a $3.3 billion three-year credit line paying 120 basis points, Laurent Christophe, head of corporate finance at Trafigura Pte Ltd., said in a telephone interview. The Amsterdam-based company initially sought to raise $4 billion.
“It’s a very large pool of lenders and we work hard in order to extend this pool,” Christophe said.
Commodities traders including Glencore Xstrata Plc and Vitol SA use credit lines for day-to-day trading, regularly drawing and repaying the loans over short periods to finance the purchase and delivery of assets.
Trafigura’s loan can be extended by 364 days twice and was arranged by BNP Paribas SA, Lloyds Banking Group Plc, Standard Chartered Plc and UniCredit Bank AG, according to an e-mailed statement from Trafigura.