Freepoint Commodities Upsizes Existing Credit Facility to USD 1.3 Billion

Jun 01, 2015, 09:00 ET from Freepoint Commodities LLC

STAMFORD, Conn., June 1, 2015 /PRNewswire/ -- Freepoint Commodities LLC ("Freepoint") today announced that it closed a $1.3 billion revolving bank facility on May 22, 2015. The facility has a $1 billion three-year committed component, as well as a $300 million one-year uncommitted portion, which renews annually. The deal was oversubscribed and increased Freepoint's expiring $1 billion committed facility.  

BNP Paribas and MUFG are Joint Lead Arrangers and Joint Bookrunners for the new facility. BNP Paribas remains as the Administrative Agent. Co-Syndication and Co-Documentation Agents include:  Cooperatieve Central Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland," New York branch; ING Bank N.V.; ABN AMRO Capital USA LLC; Natixis, New York branch; and Societe Generale, New York branch. Other participating banks include: Credit Suisse (Zurich), Deutsche Bank (NY branch), RB International Finance (USA) LLC, and a new participant, Commonwealth Bank of Australia (NY branch).  The credit facility finances the physical merchant activities of Freepoint's expanding global commodities businesses.

"We are extremely pleased with the support of our lender group and welcome the addition of Commonwealth Bank of Australia to the facility. Freepoint is committed to continued growth and diversification throughout the global commodities markets and this multi-year committed revolver will help us achieve those objectives," said CEO David A. Messer.

About Freepoint

Founded in 2011, Freepoint is based in Stamford, CT with over 250 employees worldwide. Freepoint is a merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets.  Freepoint also provides physical supply services and related structured solutions for counterparties.  Private equity funds managed by Stone Point Capital, together with Freepoint management and senior employees, have provided Freepoint with approximately $400 million dollars of committed equity capital.

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SOURCE Freepoint Commodities LLC