Castleton Commodities International’s $2.775 Billion Credit Facilities

Stroock & Stroock & Lavan LLP and Walder Wyss have acted as counsel to Castleton Commodities International. Cadwalader, Wickersham & Taft LLP served as counsel to the lenders.

Castleton Commodities International LLC closed two credit facilities totaling $2.775 billion. The facilities include a committed borrowing base facility and a committed unsecured revolving credit facility. The borrowing base facility is comprised of a $750 million 3-year tranche, a $1.15 billion 2-year tranche and a $500 million 364-day tranche. The unsecured revolving credit facility is comprised of a single $375 million 364-day tranche.

The proceeds will refinance CCI’s maturing borrowing base and revolving credit facilities signed in July 2018, fund general corporate purposes and provide letters of credit for the Company’s merchanting activities in multiple countries. The borrowing base facility features a $1.0 billion accordion which remains available to support future growth.

BNP Paribas, Societe Generale, MUFG, ABN AMRO Capital USA LLC, Citigroup Global Markets Inc., Coöperatieve Rabobank U.A., New York Branch, Natixis, New York Branch and Credit Agricole Corporate and Investment Bank acted as Joint Lead Arrangers and Joint Bookrunners and ING Capital LLC and Standard Chartered Bank acted as Senior Managing Agents for the facilities. BNP Paribas served as Global Coordinator and Administrative Agent for the borrowing base facility and Citibank, N.A. served as Administrative Agent for the revolving credit facility.

Castleton Commodities International is a global energy commodity merchant with an integrated set of operations consisting of the marketing and merchandising of commodities and the ownership, operation and development of commodities-related infrastructure and upstream assets.

Stroock & Stroock & Lavan represented the borrower with a team including Chris Doyle (Picture), Marvin Goldstein, Alexandra Cowen, Jen De Jesus and Rick Fried.

Walder Wyss advised CCI on all Swiss law related aspects of the financing with a team led by Alexandre Both (Partner, Banking & Finance) and included Luc Defferrard (Partner, Banking & Finance), Maurus Winzap (Partner, Tax), Grégoire Henriod (Associate) and Nicolas F. Krauer (Associate).

Cadwalader Advised BNP Paribas with a team including Jeffrey Nagle Nathan Parker, Michael Lynch, Ryan Leverone, Katherine Clark and George Pelling.

Involved fees earner: Katherine Clark – Cadwalader Wickersham & Taft; Ryan Leverone – Cadwalader Wickersham & Taft; Michael Lynch – Cadwalader Wickersham & Taft; Jeffrey Nagle – Cadwalader Wickersham & Taft; George Pelling – Cadwalader Wickersham & Taft; Nathan Parker – Debevoise & Plimpton; Alexandra Cowen – Stroock; Jennifer De Jesus – Stroock; Christopher Doyle – Stroock; Richard Fried – Stroock; Marvin Goldstein – Stroock; Alexandre Both – Walder Wyss Ltd.; Luc Defferrard – Walder Wyss Ltd.; Grégoire Henriod – Walder Wyss Ltd.; Nicolas Krauer – Walder Wyss Ltd.; Maurus Winzap – Walder Wyss Ltd.;

Law Firms: Cadwalader Wickersham & Taft; Debevoise & Plimpton; Stroock; Walder Wyss Ltd.;

Clients: BNP Paribas; Castleton Commodities International LLC;

Author: Ambrogio Visconti