Vitol S.A. extends and increases its core revolving credit facility to USD 6bn following significant oversubscription
The Vitol Group (“Vitol”), the world’s largest independent energy trader, is pleased to announce (a) the successful extension by 12 months to a final maturity in October 2015 of the USD 5.22 billion 3-year Facility signed in October 2011 and (b) the signing of a USD 782 million 364-day Facility, significantly higher than the original USD 350 million target. The total facility of USD 6 billion received strong demand from existing and new lenders.
Despite ongoing volatility in the capital and sovereign debt markets, the strength of Vitol’s banking relationships, coupled with its consistent results and strong credit profile, provided the positive backdrop to the success of this transaction.
The 3-Year Facility extension will be for the full amount of USD 5.22 billion and the new 364 day Facility, which will benefit from a 364 day extension option, will refinance the maturing USD 416 million 364 day facility signed in October 2011.
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., BNP Paribas, JP Morgan plc, Lloyds TSB Bank plc and Rabobank, acted as Active Bookrunners.
In addition to the 15 Mandated Lead Arrangers and Bookrunners, a further 42 banks, including several new lenders, participated in the new and extended Facilities.