Trader and tanker operator Trafigura Group has sealed new financing worth $2.05bn.
It said the 365-day multi-currency syndicated revolving credit facility was "very well received by the bank market" and "substantially oversubscribed."
The deal was initially launched with the idea of raising $1.5bn.
The cash will refinance the maturing $2.2bn 365-day tranche of the company’s existing $5.725bn loan from last year, as well as used for general corporate purposes.
CFO Christophe Salmon said: “We have successfully refinanced Trafigura’s one year flagship credit facility at tighter pricing levels and with the support of a larger and more diverse bank group.
"We were also pleased to see an overwhelming support for the extension of the three year tranche of our 2018 ERCF which we ran concomitantly to the refinancing of the one-year credit facility.
"We are grateful for the trust that the banking community gives to Trafigura year after year and are delighted to welcome new banks to the facility.”
Mandated lead arrangers and bookrunners were Citigroup, Mizuho Bank and MUFG Bank.
ABN AMRO, Bank of America Merrill Lynch and Commerzbank were also involved, as well as 31 other lenders.
The company added a year to the maturity of the three-year tranche of the 2018 facility.
