LONDON, Oct 9 (Reuters) - Swiss energy trader Vitol signed a $7 billion credit facility on Tuesday refinancing its $5 billion core syndicated loan, the lead arrangers said in a statement.
The loan, which is available in US dollars and euros, comprises an $841 million 364-day facility and a $6.159 billion three-year facility, paying interest margins of 80 basis points (bps) and 90 bps over Libor, respectively.
Pricing on the deal marks a reduction on the 137.5 bps seen on Vitol’s original three-year facility signed in 2011 and extended by one year last October and matches margins on diversified natural resource company Glencore Xstrata’s $17.3 billion loan refinancing that was completed in June. [ID: nRLP16687a]
In addition, Vitol has introduced utilisation fees on the three-year facility. The first draw utilisation fee is 10 bps, rising to 20 bps for drawings of over one-third and 40 bps for drawings of over two-thirds.
Vitol’s loan launched in the first week of September via a group of 15 bookrunners and mandated lead arrangers comprising ABN AMRO Bank, BNP Paribas, Credit Agricole CIB, Credit Suisse, DBS Bank, Deutsche Bank, ING Bank, JP Morgan, Lloyds TSB Bank, Mizuho Corporate Bank, Rabobank, Royal Bank of Scotland, Societe Generale, Standard Chartered Bank and Unicredit.
A total of 53 banks participated in the financing, which closed oversubscribed and was increased from the launch amount of $5 billion.
Vitol extended and increased its core loan facility last October, extending the maturity of a $5.22 billion, three-year facility originally signed in 2011 by one year to October 2015 and agreeing a new $782 million, 364-day facility.
Editing by Christopher Mangham