Castleton gets $2.78 billion of revolving, borrowing base facilities

By Wendy Van Sickle

Columbus, Ohio, July 1 – Castleton Commodities International LLC said it closed two credit facilities totaling $2.78 billion, including a $375 million 364-day revolver and a $2.4 billion borrowing base facility.

The borrowing base facility includes a $750 million three-year tranche, a $1.15 billion two-year tranche and a $500 million 364-day tranche, according to a news release.

BNP Paribas, Societe Generale, MUFG, ABN Amro Capital USA LLC, Citigroup Global Markets Inc., Cooperatieve Rabobank UA, New York Branch, Natixis, New York Branch and Credit Agricole CIB acted as lead arrangers and bookrunners, and ING Capital LLC and Standard Chartered Bank acted as senior managing agents.

BNP Paribas acted as global coordinator and administrative agent for the borrowing base facility, and Citibank, NA served as administrative agent for the revolver.

Proceeds will be used to refinance the company’s maturing borrowing base facility and revolver signed in July 2018, to fund general corporate purposes and to provide letters of credit for the company's merchant activities in multiple countries.

The borrowing base facility features a $1 billion accordion, which may be used “to support future growth,” the company said.

The facilities were “significantly oversubscribed, with CCI receiving nearly $4 billion in total commitments,” according to the release.

The company said that 24 banks from 12 countries participated in the facilities.

Castleton is a commodities merchant based in Stamford, Conn.

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