LONDON Jan 11 Swiss-based trading house Trafigura has launched syndication of a $3 billion loan to replace around $3.6 billion of existing loans, bankers said on Friday.
The loan is being arranged by bookrunners and mandated lead arrangers BNP Paribas, ING Bank, Lloyds, Royal Bank of Scotland, Societe Generale and Standard Chartered.
A bank meeting is scheduled to take place next Friday.
Trafigura was not immediately available for comment.
The financing is split between a one-year revolving credit facility and a three-year facility.
The one-year facility includes two one-year extension options and a one-year term-out option, while the three-year financing includes a one-year extension option.
Trafigura is replacing a $1.1 billion, one-year facility agreed in March last year and a $2.5 billion, three-year facility, which was originally agreed in March 2011 but subsequently extended by one year in April last year.
The new financing pays slightly more than the 125 basis points (bps) and 180 basis points over LIBOR, respectively, that Trafigura is paying on the existing facilities, which were unchanged from levels seen in 2011, one of the bankers said.
The respective sizes of the facilities will be determined by market uptake, bankers said.
Trafigura on Friday announced revenue of $120.4 billion in 2012.