Freepoint Commodities renews its Revolving Credit Facility at USD 2.565 Billion; Allows growth to USD 3.165 Billion
STAMFORD, Conn., May 5, 2020 /PRNewswire/ — Freepoint Commodities LLC (“Freepoint”) today announced that it has closed a USD 2.565 billion revolving bank facility (the “Facility”). The Facility consists of a USD 1,667,250,000 three-year committed tranche and a USD 897,750,000 one-year uncommitted tranche. Additionally, 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. Freepoint is also pleased to welcome as new Joint Lead Arrangers, ABN AMRO Capital USA LLC, Coöperatieve Rabobank U.A., New York Branch, and Société Générale. 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: Credit Suisse (Switzerland) Ltd.; Standard Chartered Bank; UBS Switzerland AG; Industrial and Commercial Bank of China Ltd., New York Branch; Bank of China, New York Branch; Credit Agricole Corporate and Investment Bank; Deutsche Bank AG, New York Branch; Oversea-Chinese Banking Corporation Limited, New York Agency; Wells Fargo Bank, N.A. and HSBC Bank USA, N.A.
In addition, Freepoint extended the maturity of its subordinated secured credit facility in the amount of USD 100 million, and Freepoint’s immediate parent, Freepoint Commodities Holdings LLC, extended the maturity of its unsecured credit facility in the amount of USD 50 million.
“Even in these turbulent times, our flagship working capital facility was once again oversubscribed, demonstrating the ongoing strength of our financing banks’ support for our business,” said David A. Messer, Freepoint’s CEO. “We appreciate the confidence that our lenders have in Freepoint, which allows us to continue to capture opportunities to expand and diversify our global business platforms.”
Founded in 2011, Freepoint is based in Stamford, CT with over 450 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.