Port of South LouisianaBühler GmbHGeneva DryTBA GroupViganVan Aalst
  • Van Aalst
  • Sailors Society
  • TMS Awards 2023
  • Geneva Dry
  • TBA Group
  • Port of South Louisiana

Trafigura closes the refinancing and extension of credit facilities

Trafigura closes the refinancing and extension of credit facilities

(Posted on 20/03/23)

Trafigura Group Pte Ltd., a market leader in the global commodities industry, has announced the closing of its new 365-day European multi-currency syndicated revolving credit facilities totalling USD1.9 billion, as well as the extension and increase of its USD3.5 billion 3-year facility (“3-year ERCF”). The new 365-day ERCF, initially launched at USD1.5 billion, was very well received by the bank market and closed substantially oversubscribed.

Christophe Salmon, Trafigura’s Group Chief Financial Officer said: “We have successfully refinanced our flagship European revolving credit facility which is a key pillar of our financial model, designed to give us sustained access to liquidity and capital. We have increased our access to liquidity over the last year to manage the impact of higher volatility in global markets. The resilience and effectiveness of our funding model has proved its strength, particularly when commodity markets have been exceptionally disrupted. We are very grateful to the 54 banks who joined the facility and are supporting our strong development trajectory.”

The 365-day ERCF will be used to refinance the maturing 365-day facility dated 2 March 2022, as well as for general corporate purposes. In addition, the Company decided to exercise the first extension option available on its 3-year ERCF, extending the facility by 365 days to maintain a 3-year tenor whilst simultaneously increasing the size of this tranche by USD250 million.

In line with the last two years, the Company structured these facilities as sustainability-linked loans. The SLL are linked to key performance indicators to improve Trafigura’s sustainability performance, aligned with material issues for its business. This renewed SLL structure includes five KPIs, with the progress towards each target evaluated on an annual basis and verified by a third-party expert. The KPIs relate to cutting operational greenhouse gas emissions (Scope 1 & 2); responsible sourcing of metals (in line with ISO 20400:2017); growing Trafigura’s renewable power portfolio; implementation of the Voluntary Principles on Security and Human Rights at Trafigura’s operations; and reduction of lost time incident rate (“LTIR”). A penalty or discount on the margin will be applied, depending on the number of targets met each year.

The 365-day ERCF was arranged by Mandated Lead Arrangers & Bookrunners (“MLABs”) Bank of China Limited, London Branch, ING Bank N.V., Sumitomo Mitsui Banking Corporation and UniCredit Bank AG as Active MLABs, and Coöperatieve Rabobank U.A. and Société Générale acted as Passive MLABs. Sumitomo Mitsui Banking Corporation and UniCredit Bank AG acted as Sustainability Coordinators. In addition to the six MLABs, 48 financial institutions joined the ERCF during syndication and/or extended their participation under the 3-year ERCF.

Latest News

Australia’s biggest renewables deal to repower Gladstone aluminium operations

(Posted on 22/02/24)

Rio Tinto has signed Australia’s largest renewable power purchase agreement (PPA) to date to supply... Read more

BHP half year results released

(Posted on 22/02/24)

Mike Henry, Chief Executive Officer, reviewed the Company's operating and financial performance:&ldquo... Read more

Titan Lithium to set up AED 5 Billion processing plant in KEZAD

(Posted on 14/02/24)

Khalifa Economic Zones Abu Dhabi – KEZAD Group, the largest operator of integrated and purpose... Read more

Australia’s iron ore leaders partner for steel decarbonisation

(Posted on 11/02/24)

Australia’s two largest iron ore producers and its biggest steelmaker have partnered in their... Read more

Lithium market to face transition as demand growth slows

(Posted on 02/02/24)

The lithium market is experiencing a period of transition as demand growth slows and the industry adjusts... Read more

Top US construction economist anticipates weak first half of 2024

(Posted on 31/01/24)

The top economist for the cement, concrete, and construction industries anticipates the U.S. economy... Read more

ADM to expand traceable soybean pilot after U.S. to Europe deliveries

(Posted on 25/01/24)

ADM, a global leader in sustainably sourced solutions from nature, has announced that it has loaded... Read more

MMW and HAG merge

(Posted on 18/01/24)

Mineralmahlwerk (MMW) Hamm, one of the largest processors of mineral raw materials in Europe, and Handels... Read more

Dampier Salt agrees to sale of Lake Macleod operation to Leichhardt

(Posted on 18/01/24)

Dampier Salt Limited (Dampier Salt) has entered into a sales agreement for the Lake MacLeod salt and... Read more

Long-term outlook strong despite decline in US Aluminium demand

(Posted on 12/01/24)

The Aluminum Association in the USA has released preliminary estimates showing demand for the aluminium... Read more

Sailors SocietyCimbriaTelestackTMS Awards 2023Port of Stockton
  • Port of Stockton
  • Bühler GmbH

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping