Castleton gets $3.53 billion of revolving, borrowing base facilities

By Susanna Moon

Chicago, July 2 – Castleton Commodities International LLC said it closed $3,525,000,000 of two credit facilities consisting of a $375 million 364-day revolving credit facility and a $3.15 billion borrowing base facility.

The borrowing base facility includes a $1.15 billion three-year tranche and a $2 billion 364-day tranche.

BNP Paribas, Societe Generale, MUFG, ABN Amro Capital USA LLC, Citigroup Global Markets Inc., Cooperatieve Rabobank U.A., Natixis, New York Branch and Credit Agricole CIB are the joint lead arrangers and joint bookrunners. ING Bank NV and Standard Chartered Bank are the senior managing agents. BNP Paribas is the global coordinator and administrative agent for the borrowing base facility, and Citibank, NA as administrative agent for the revolving credit facility.

Proceeds will be used to refinance the company’s $3.25 billion borrowing base facility and $350 million revolver signed in June 2017, 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 $5 billion of commitments in total,” according to a company announcement.

The company said that 25 banks from 12 countries participated in the facilities.

Castleton is a commodities merchant based in Stamford, Conn.

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