The Vitol Group, the world’s largest independent energy trader, is pleased to announce the successful signing of its flagship corporate revolving credit facility (the “Facility”) for a total of USD 5.63 billion. The Facility was initially launched at USD 4.50 billion and as a result of strong demand from existing relationships and new lenders, closed significantly oversubscribed, raising a total of just over USD 5.90 billion.
The Facility refinances the existing USD 5.32 billion facility signed in October 2010. In addition to a material increase in facility size, Mandated Lead Arrangers and Bookrunners benefited from an agreed level of scale back. The Facility comprises a 3 year tranche (representing 92% of the Facility) and a 364-day tranche, each benefiting from a 364 day extension option and paying a margin significantly lower than the margin paid in the previous deal.
The Facility was arranged by 15 Mandated Lead Arrangers and Bookrunners: ABN AMRO Bank N.V., BNP Paribas, Crédit Agricole Corporate and Investment Bank, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International) (“Rabobank”), Credit Suisse, DBS Bank Ltd., Deutsche Bank AG, ING Bank N.V. (“ING”), J.P. Morgan plc, Lloyds TSB Bank plc, Mizuho Corporate Bank, Ltd, The Royal Bank of Scotland plc (“RBS”), Société Générale Corporate & Investment Banking (the corporate and investment banking division of Société Générale) (“SGCIB”), Standard Chartered Bank and Unicredit Bank AG.
ABN AMRO Bank N.V., ING, Rabobank, RBS and SGCIB were Active Bookrunners.
In addition to the 15 Mandated Lead Arrangers and Bookrunners, a further 30 banks joined in the retail syndication phase.