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Freepoint Commodities secures $2.57 billion revolving bank facility
By Rebecca Melvin
New York, May 5 – Freepoint Commodities LLC has closed a $2.57 billion revolving bank facility, according to a news release.
The new revolver is slightly smaller than the $2.6 billion facility the company closed a year ago, and consists of a $1.68 billion three-year committed tranche and a $897.75 million one-year uncommitted tranche.
In addition, the revolver has a $600 million accordion feature.
BNP Paribas Securities Corp., MUFG Bank, Ltd. and Natixis, New York Branch are joint lead arrangers and bookrunners. ABN AmroCapital USA LLC, Cooperatieve Rabobank UA, New York Branch, and Societe Generale are new joint lead arrangers. BNP Paribas remains as the administrative agent.
Co-syndication and co-documentation agents include ABN Amro Capital, Cooperatieve Rabobank, ING Bank NV and Societe Generale.
Other continuing participating banks include Credit Suisse (Switzerland) Ltd., Standard Chartered Bank, UBS Switzerland AG, Industrial and Commercial Bank of China Ltd., New York Branch, Bank of China, New York Branch, Credit Agricole CIB, Deutsche Bank AG, New York Branch, Oversea-Chinese Banking Corp. Ltd., New York Agency, Wells Fargo Bank, NA and HSBC Bank USA, NA.
In addition, Freepoint extended the maturity of its subordinated secured credit facility in the amount of $100 million, and Freepoint's immediate parent, Freepoint Commodities Holdings LLC, extended the maturity of its unsecured credit facility in the amount of $50 million.
“Even in these turbulent times, our flagship working capital facility was once again oversubscribed, demonstrating the ongoing strength of our financing banks' support for our business,” Freepoint chief executive officer David A. Messer said in the release.
The commodities merchant and financer of upper- and mid-stream commodity-producing assets is based in Stamford, Conn.
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