STAMFORD, Conn. – November 15, 2023 - Castleton Commodities International LLC (CCI) announced today the closing of two credit facilities totaling $2.075 billion.
The facilities include a $1.9 billion secured borrowing base facility, comprised of an $800 million one-year tranche and a $1.1 billion two-year tranche. The facility also includes a $1 billion accordion feature to support CCI’s liquidity needs and future growth. The second facility is a one-year committed unsecured revolving credit facility for $175 million.
A diverse group of 16 banks from nine countries participated in the facilities. The facilities were oversubscribed, with more than $2.5 billion in total commitments received.
We appreciate the ongoing strong support from CCI’s bank group, and welcome our new participant banks,” said CCI’s Chief Financial Officer Rick Dolcetti. “The success of our refinancing is indicative of our banking partners’ continued confidence in CCI’s business and our ability to generate strong returns.
MUFG Bank Ltd.; Société Générale; Citibank N.A.; Coöperatieve Rabobank U.A., New York branch; Credit Agricole Corporate and Investment Bank; ING Capital LLC; Natixis, New York branch; and Wells Fargo Bank N.A served as joint lead arrangers for the secured facility. In addition, eight other banks participated at various commitment levels. MUFG Bank Ltd. served as global coordinator and administrative agent for both facilities.
Cadwalader, Wickersham & Taft LLP served as counsel to the lenders. Stroock & Stroock & Lavan LLP served as counsel to the borrower.
About Castleton Commodities International LLC
CCI is a global energy commodity merchant with integrated businesses focused on marketing, merchandising, and trading commodities, and the ownership, operation and development of commodities-related infrastructure assets. Please visit our website for more information: www.cci.com.