Cadwalader represented the lenders in the closing of two credit facilities totaling $2.075 billion by Castleton Commodities International LLC (CCI), a global energy commodity merchant, announced on November 15.
The secured facility includes a $1.9 billion secured borrowing base facility, which is comprised of an $800 million 1-year tranche and a $1.1 billion 2-year tranche. This facility also includes a $1 billion accordion feature to support CCI's liquidity needs and future growth. The second facility is a one-year committed unsecured revolving credit facility for $175 million. A diverse group of 16 banks from nine countries participated in the facilities, which were oversubscribed with more than $2.5 billion in total commitments and participation amounts received. CCI's official press release can be found here.
The Cadwalader Corporate Finance team was led by partner Jeff Nagle and special counsel Mike Lynch in Charlotte, with support from associates Joseph Mascherin and William Harris, and paralegal Moira Sheehan in Charlotte; and partner Nathan Parker and associate Jacqueline Taaffe in London.