LONDON, March 8 (Reuters) - Global commodities trader Trafigura Group raised a $1.2 billion revolving credit facility from a consortium of banks to increase its financing pool in order to handle soaring energy and commodity prices, the company said on Tuesday.
"It was set up in record time...thanks to the support of the group of underwriters, as the company manages the unprecedented increase in commodity prices as a result of the war in Ukraine," the company said in a statement.
The loan follows the refinancing of a larger European multi-currency loan earlier this week of $5.3 billion.
“This support is a strong testament from our banks to Trafigura’s ability to safely navigate unprecedented market conditions and extreme volatility in the global economy," Trafigura chief financial officer Christophe Salmon said.
"The syndication is progressing well and we expect to upsize the facility in excess of $2 billion-equivalent within a short period of time."
Mizuho Bank, Société Générale, Sumitomo Mitsui Banking Corporation and UniCredit Bank AG were the mandated lead arrangers, bookrunners and underwriters. The facility has a nine month tenor.
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