Bank of China contributes to a $300 million USD syndicated revolving credit facility (RCF) to TrailStone Group for refinancing and working capital liquidity purposes

Project narrative

On December 20, 2018, financial close was reached on a deal in which a syndicate of 11 banks — including New York Branch of Bank of China (BOC) — entered into a $330 million USD syndicated revolving credit facility (RCF) with Trailstone Group — a US-based global energy and technology company — for refinancing and working capital purposes. The proceeds of this RCF will be used by the borrow for (a) refinancing TrailStone’s existing revolving credit; (b) providing working capital liquidity and financing the company’s expansion in physical merchant activities centered around natural gas and renewable power. While Bank of China contributed to this syndicated RCF, other banks contributed as well: BNP Paribas as the sole lead arranger and bookrunner; ABN AMRO Capital USA and Société Générale acted as Co-Syndication Agents on the transaction, Coöperatieve Rabobank, New York Branch, Credit Agricole Corporate and Investment Bank, Natixis, New York Branch and ING Bank, MUFG Bank, Standard Chartered Bank and Wells Fargo Bank. The RCF, which launched at $250 million, was oversubscribed. As a result, at closing, the company utilized part of the accordion feature of loan to close at $300 million. The facility still has an additional $100 million accordion remaining if needed.