Swiss trader and shipowner Gunvor Group has sealed financing worth $1.68bn.
The revolving credit facility (RCF) replaces two loans of $1.39bn and $1.67bn inked in 2016 and 2017.
It was originally launched at $1.1bn, but was "very well received by the banks and closed substantially over-subscribed," the company said.
The money will be used to finance general corporate purposes and working capital requirements.
“The confidence our banking partners have in Gunvor’s strategy is reflected in the strong support we’ve seen for this year’s RCF,” said Jacques Erni, CFO, Gunvor Group.
“Gunvor remains well positioned as the industry faces challenging market conditions.”
The first tranche consists of $1.3bn over a year, with two 12-month extension options.
The second tranche is worth $380m, over three years, with one annual option to stretch it.
ABN Amro, Rabobank, Credit Agricole, Credit Suisse, DBS, ING, Natixis, Societe Generale, UBS and UniCredit were mandated to arrange the deal.
Emirates NBD, Mizuho Bank and China Construction Bank joined as senior mandated lead arrangers.
And APICORP, Citigroup Global and Sumitomo Mitsui Trust Bank acted as mandated lead arrangers.
Other lenders included DZ Bank, KfW-IPEX, Commerzbank and Sumitomo Mitsui Banking Corporation.
The company was reported to have ordered its first ships this month: two aframaxes at Daehan in Korea.
In October, Gunvor closed what it called an "innovative" new $745m credit facility linked to sustainability.
It said it is the first energy commodities trading company to arrange a loan with an interest rate dependent on its year-on-year improvements in areas such as transparency, governance and the environment.
