(MENAFN) OTI , Global energy commodities trader announced the successful of it's 1.05 billion USD borrowing base facility , it will be used for refinancing of the previous $600 million club deal facility and company's working capital needs.
on April 11.2014 the facility was lunched at 800 million USD and oversubscribed
in syndication with increase of its size to 1.05 billion USD ,while still scaling back lender's participation. Also it has a tenor of 36 months from the closing date of July 3, 2014 and further diversifies OTI's banking relationships.
The company CEO stated " This marks another great milestone for OTI in its trading journey since its inception in 2006 and reflects the confidence of the financial world in OTI 's trading capabilities. With the combined strength of our shareholders, the extremely high calibre of our employees and our growing global presence, we believe OTI is geared to increase its trading activities and worldwide reach."
OTI 's CFO, Laura A Crays, commented "The successful closing of this Facility has established a robust financing syndication, brings significant reductions to our financing costs and represents an important pillar to support our commercial growth strategy. We are delighted to see this strong process and development accrue's ".
in the syndication phase, Rabobank acted as Coordinator. Natixis will act as Facility and Security Agent. The participating banks in the Facility are as follows: Bookrunner and Mandated Lead Arrangers - ABN AMRO Bank, First Gulf Bank, Gulf International Bank, HSBC, ING Bank, Natixis, Rabobank, and Standard Chartered Bank; Mandated Lead Arrangers - DBS Bank, JP Morgan Chase Bank.
The transaction was concluded with the support of legal counsel, Dechert LLP, on behalf of the Company and Clifford Chance, on behalf of the banks.
Initially founded as a joint-venture between Oman Oil Corporation and the Vitol group, OTI was incorporated in January 2006 in the Dubai International Financial Centre.
Trading energy and petrochemical products, from crude oil to petroleum products, petrochemicals to carbon emissions, the company's growth has been exceptional. With its global headquarters in Dubai and five offices in the Middle East, Asia and Europe, OTI has established a strong network and proven record in global markets which continues to show the added value brings to its customers, stakeholders and shareholders.
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