Freepoint Commodities Increases Revolving Credit Facility to USD 2.6 Billion; Allows growth to USD 3.2 Billion
STAMFORD, Conn., May 9, 2019 /PRNewswire/ — Freepoint Commodities LLC (“Freepoint”) today announced that it has closed a USD 2.6 billion revolving bank facility (the “Facility”), an increase of 24% from the facility it closed a year ago. The Facility consists of a USD 1.69 billion, three year committed tranche and a USD 910 million, one year uncommitted tranche. In addition, the Facility has a USD 600 million accordion feature.
BNP Paribas Securities Corp (“BNPPSC”), MUFG Bank, Ltd. (“MUFG”) and Natixis, New York Branch (“NATIXIS”) are Joint Lead Arrangers and Bookrunners for the Facility. BNP Paribas remains as the Administrative Agent. Co-Syndication and Co-Documentation Agents include: ABN AMRO Capital USA LLC, Coöperatieve Rabobank U.A., New York Branch, ING Bank N.V., and Société Générale. Other continuing participating banks include: Bank of China, New York Branch; Credit Agricole Corporate and Investment Bank; Credit Suisse (Switzerland) Ltd.; Deutsche Bank AG, New York Branch; Industrial and Commercial Bank of China Ltd., New York Branch; Oversea-Chinese Banking Corporation Limited, New York Agency; Standard Chartered Bank and UBS Switzerland AG. DBS Bank, Ltd., HSBC Bank USA, N.A and Wells Fargo Bank, N.A have joined as new participants. The Facility finances the physical merchant activities of Freepoint’s global commodities businesses, which continue to demonstrate solid growth.
“We’ve built strong, ongoing relationships with our existing lenders, and welcome the addition of three new participants, DBS Bank, HSBC Bank, and Wells Fargo Bank, to the Facility,” said David A. Messer, Freepoint’s CEO. “This year, the Facility was oversubscribed by 32%, reflecting our lenders’ ongoing commitment to the sustained success of our business, which continues to grow and diversify. We’re grateful for their support and look forward to continuing our partnerships with our financing banks.”
Founded in 2011, Freepoint is based in Stamford, CT with over 435 employees worldwide. Freepoint is a merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets. Freepoint also provides physical supply services and related structured solutions for counterparties.