Narrative
Full Description
Project narrative
On May 4, 2021, a syndicate of 26 lenders across 28 lenders — including the Bank of China Limited (BOC) — signed a $1,330,200,000 USD syndicated multi-currency revolving credit facility (RCF) agreement with Traxys S.à.r.l. — a Luxembourg-incorporated and headquartered physical commodity trader and merchant of metals and natural resources privately owned by Traxys' management team, The Carlyle Group, and affiliates of Louis M. Bacon, the founder of Moore Capital Management, LP. and Moore Strategic Ventures, LLC, Bacon's privately held investment company — for refinancing and working capital purposes. This loan consisted of four tranches: a borrowing base tranche with a maturity period of one year; a committed secured borrowing base tranche with a maturity period of three years; a uncommitted borrowing base tranche with a maturity period of one year; and a committed unsecured tranche with a maturity period of one year. Each tranche had a one-year extension option and the RCF had a $250 million USD accordion feature. The proceeds were to be used by the borrower to refinance its 2020 $1.29 billion USD RCF and for its working capital needs. Record ID#103606 captures BOC's contribution. In addition to BOC, the following lenders contributed to the loan syndicate: Coöperatieve Rabobank U.A. (trading as Rabobank London), the London Branch of DBS Bank, the Amsterdam Branch of Deutsche Bank AG, the London Branch Deutsche Bank AG, Deutsche Bank Trust Company Americas, the Amsterdam, Lancy / Geneva Branch of ING Bank N.V., Natixis, Société Générale S.A. (SocGen), HSBC Trinkaus & Burkhardt AG (HSBC Deutschland), the London Branch of CA Indosuez (Switzerland) S.A., Credit Suisse (Switzerland) Ltd., Garanti Bank International N.V., KfW IPEX-Bank GmbH, UBS Switzerland AG, ABN AMRO Bank N.V., Bank Leumi (UK) Plc, Banque Cantonale de Genève (BCGE), Banque Cantonale Vaudoise (BCV), Banque Internationale De Commerce - BRED (Suisse) S.A. (BIC-BRED), Banque Internationale à Luxembourg S.A. (BIL), Brown Brothers Harriman & Co. (BBH), DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Gazprombank (Switzerland) Ltd., MUFG Bank, Ltd., the London Branch of Nedbank Limited, Raiffeisen Bank International AG, and Standard Chartered Bank PLC. Rabobank, the London Branch of DBS Bank, the Amsterdam and London Branches of Deutsche Bank, Deutsche Bank Trust Company Americas, the Amsterdam, Lancy / Geneva Branch of ING Bank, Natixis, and SocGen served as mandated lead arrangers and bookrunners; Rabobank, Deutsche, ING, SocGen, and Natixis were the Active Bookrunning Mandated Lead Arrangers, while DBS was a Bookrunning Mandated Lead Arranger. HSBC Deutschland served as a mandated lead arranger. BOC, CA Indosuez (Switzerland), Credit Suisse (Switzerland), Garanti Bank, KfW IPEX-Bank, and UBS Switzerland served as lead arrangers. ABN AMRO Bank, Bank Leumi (UK), BCGE, BCV, BIC-BRED, BIL, BBH, DZ Bank, Gazprombank (Switzerland), MUFG, the London Branch of Nedbank, Raiffeisen Bank International, and Standard Chartered Bank served as arrangers. This RCF was closed largely oversubscribed, with all tranches increased and the reinforcement and reset of the three-year secured and an augmented one-year committee unsecured tranche. BOC and Gazprombank were new entries to the lenders, while BNP Paribas, a lender in the previous loan, did not participate in it. Then, on May 2, 2022, a syndicate of 24 banks across 27 lenders — including the London and Geneva Branch of BOC — entered into a $1,570,000,000 USD syndicated multi-currency RCF agreement with Traxys S.à.r.l. for refinancing and working capital purposes. This loan consisted of four tranches: a committed secured borrowing base tranche with a maturity period of three years; a committed borrowing base tranche with a maturity period of one year; a uncommitted borrowing base tranche with a maturity period of one year; and a committed unsecured tranche with a maturity period of one year. Each tranche had two one-year extension options and a $375 million USD accordion feature and a swingline sub-limit. The proceeds were to be used by the borrower to refinance the 2021 $1.57 billion USD RCF and for the working capital needs. The rise in the RCF was reflective of the rise in commodity prices due to the Russian invasion of Ukraine. Record ID#103611 captures BOC's contribution. Then, in June 2023, a syndicate of 24 banks across 26 lenders — including the London and Geneva Branches of BOC — entered into an amendment agreement with Traxys S.à.r.l. — now owned by its management team — for the $1,570,000,000 USD syndicated multi-currency RCF agreement ; in the amendment agreement, the lenders extended the maturity period of the $1.57 billion USD RCF by one year, in line with the first extension option. The London Branch of Deutsche Bank exited the RCF; otherwise, it was identical, down to the lender roles. Record ID#103614 captures BOC's contribution to this debt rescheduling.
Staff comments
1. Traxys is engaged in the sourcing, trading, marketing, and distribution of non-ferrous metals, ferro-alloys, minerals, industrial raw materials, and energy. 2. The individual contributions of the 28 lenders to this $1,330,200,000 USD syndicated revolving credit facility are unknown. AidData has assumed each lender has contributed equally to each tranche. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount ($47,507,142.8571 USD) to the loan syndicate. 3. It is unclear whether BOC contributed to each tranche. For the time being, AidData has assumed it has, and has taken the average of the maturity periods of the four tranches {[(1 + 3 + 1 + 1) / 4] = 1.5 years} and coded it as the maturity period of this record.