Freepoint Commodities LLC has closed a $1.3 billion revolving bank facility on May 22. 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 BA, "Rabobank Nederland," New York branch; ING Bank NV; 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.
Founded in 2011, Freepoint is a merchant of physical commodities and a financer of upper and midstream 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.