Cadwalader Represents BNP Paribas and Citibank in $3.6 Billion Financing for Castleton Commodities

Jun 09, 2017

Contact(s)

Kimberly Brooks
New York
+1 212 504 5652
kimberly.brooks@cwt.com
Ron Brandsdorfer
New York
+1 212 504 6712
ron.brandsdorfer@cwt.com

Cadwalader, Wickersham & Taft LLP, a leading international law firm to global corporations and financial institutions, advised BNP Paribas, as global coordinator and administrative agent, in a $3.25 billion committed senior secured working capital facility, comprising a $1.25 billion 3-year tranche and a $2 billion 364-day tranche, with an additional $1 billion accordion feature, for Castleton Commodities International LLC (CCI), a global commodities merchant with an integrated set of operations consisting of physical and financial commodities trading and the ownership, operation, and development of commodities-related upstream and infrastructure assets. The Firm also advised Citibank, N.A., as administrative agent, in a $350 million committed unsecured revolving credit facility for CCI.

The proceeds of the credit facilities will refinance CCI’s existing $3.3 billion senior secured facility and $300 million unsecured facility signed in June 2016, on which Cadwalader also advised BNP Paribas and Citibank; fund general corporate purposes; and provide letters of credit for the Company’s merchanting activities in multiple countries.

The Cadwalader Finance team was led by partner Jeffrey Nagle and included partner Christopher McDermott, senior attorney Matthew Stempler and associates Evan Carter, Stephen Johnson, Ryan Leverone and Michael Lynch. The team also included Capital Markets partner Jeremy Cross and associate Linda Lu, and Financial Restructuring counsel Eric Waxman and associate Donny Ariel.

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