TOI Commodities inks US$177.5mn facility with development banks, commercial lenders
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TOI Commodities inks US$177.5mn facility with development banks, commercial lenders
17.07.2024
Eastern European trader TOI Commodities, formerly known as Transoil, has secured a US$177.5mn borrowing base facility from nine commercial lenders and development banks.
TOI Commodities specialises in processing and distributing grain and sunflower seeds, and will use the facility to finance its upcoming agricultural season across the Eastern European region.
The borrowing base facility was initially launched at US$150mn in September 2019, and it was renewed at US$200mn in June last year.
As with last year, ING acts bookrunning mandated lead arranger, facility agent and security agent, as well as coordinator and document agent.
Commercial banks Citi, Raiffeisen Bank International and UniCredit have again joined as lenders, along with two OTP Bank entities, while Rabobank participates for the first time.
The deal is also backed by two development finance institutions (DFIs): the Netherlands’ FMO and the Black Sea Trade and Development Bank.
Both DFIs also joined last year’s facility, and FMO has been a long-standing lender to Transoil Group companies, last year providing US$11mn towards a facility financing the origination of commodities in war-torn Ukraine.
Group chief executive Vaja Jhashi says the facility is “perfectly in line with our strategic ambitions as we focus on strengthening our regional footprint in our core markets”, adding that it supports operations at the Romanian port of Constanța for the first time.
