Freepoint Commodities’ USD $2.63 Billion Revolving Bank Facility

Freepoint Commodities' USD $2.63 Billion Revolving Bank Facility

Stroock & Stroock & Lavan advised Freepoint on the deal.

Freepoint Commodities LLC (“Freepoint”) announced that it has closed a USD 2.63 billion revolving bank facility (the “Facility”).  The Facility consists of a USD 1,709,500,000 three-year committed tranche and a USD 920,500,000 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 YorkBranch (“NATIXIS”) are Joint Lead Arrangers and Bookrunners for the Facility.  Freepoint is pleased to welcome as new Joint Lead Arranger, Wells Fargo Bank, N.A., who will join Coöperatieve Rabobank U.A., New York Branch, and Société Générale in this capacity.  BNP Paribas remains as the Administrative Agent.  Co-Syndication and Co-Documentation Agents include:  Coöperatieve Rabobank U.A.., New York Branch, ING Bank N.V., Société Générale and Wells Fargo Bank, N.A. Other continuing participating banks include: Credit Suisse (Switzerland) Ltd.; 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; Commonwealth Bank of Australia and HSBC Bank USA, N.A.  In addition, Freepoint is delighted to announce that Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation have joined the bank group for the revolving credit facility.

Simultaneously, Freepoint also extended the maturity of its USD 100 millionsubordinated secured credit facility, and Freepoint’s immediate parent, Freepoint Commodities Holdings LLC, extended the maturity of its USD 30 million unsecured credit facility.

Founded in 2011, Freepoint is based in Stamford, CT with over 500 employees worldwide.  Freepoint is a global merchant of physical commodities and also provides physical supply services and related structured solutions.

Stroock & Stroock & Lavan team was led by Partners Marvin Goldstein and Chris Doyle (Picture) and also included counsel Rick Fried.

Involved fees earner: Christopher Doyle – Stroock & Stroock & Lavan LLP; Richard Fried – Stroock & Stroock & Lavan LLP; Marvin Goldstein – Stroock & Stroock & Lavan LLP;

Law Firms: Stroock & Stroock & Lavan LLP;

Clients: Freepoint Commodities LLC;

Author: Martina Bellini