Trafigura Group Pte Ltd closes JPY123.45 billion Japanese Yen Term Loan Facilities

Singapore, 25 March 2024 – Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, has successfully refinanced its Japanese term loan credit facilities (the “Samurai loan”) totalling JPY123.45 billion (equivalent USD821 million at current exchange rate). The Samurai loan was increased by JPY29.70 billion (equivalent c.USD200 million), from the now refinanced 2020 and 2022 Samurai loans. The transaction, Trafigura’s seventh in this market, was very well received by Samurai investors and closed substantially oversubscribed. 

Christophe Salmon, Trafigura Group Chief Financial Officer, said: “We have successfully refinanced and increased our Samurai loan, which is an important pillar of Trafigura’s diversified funding model. The transaction is one of the largest in the Samurai loan market to date and is the most sizable in the commodities industry. We are very grateful to the 28 banks who participated in this transaction, in particular through increased commitments in the 5-year tranche.” 

The Samurai Loan comprises a JPY82.95 billion 3-year credit facility, maturing March 2027 and a JPY40.5 billion 5-year credit facility, maturing March 2029. In line with the Trafigura 2024 European Revolving Credit Facility (“ERCF”), the Samurai Loan has been structured as a sustainability-linked loan (“SLL”). The SLL is linked to key performance indicators (“KPIs”) to improve Trafigura’s sustainability performance, aligned with material ESG issues within its business.

The renewed SLL structure and KPIs are aligned with Trafigura’s 2024 ERCF, including three KPIs to be tested annually and verified by an independent assurance provider. The KPIs include: a target to cut operational greenhouse gas emissions (Scope 1 & 2) and a new intensity reduction target on Trafigura’s shipping business (Scope 1 & 3) starting in 2026; growing Trafigura’s renewable power portfolio; and the implementation of the Voluntary Principles on Security and Human Rights at Trafigura’s operations. A penalty or discount on the margin will be applied, depending on the number of KPIs met each year. 

The transaction was arranged by Mandated Lead Arrangers & Bookrunners (“MLAB”) MUFG Bank, Ltd., Mizuho Bank Europe N.V., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, London Branch, and Development Bank of Japan Inc. Sumitomo Mitsui Banking Corporation, London Branch acted as Sustainability Coordinator. In addition to the MLABs, 24 financial institutions joined the Samurai loan during syndication, including eight new lenders. 

ENDS 

For further information please contact: 

Trafigura’s Press Office: +41 (0) 22 592 4528 or media@trafigura.com 

About Trafigura 

Trafigura is a leading commodities group, owned by its employees and founded 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise and our worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through H2Energy Europe and joint venture Nala Renewables. 

The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, and our Impala Terminals joint venture. The Group employs over 12,000 people and is active in 156 countries. 

Visit: www.trafigura.com