World News
Vitol Boosts Credit Facility to $6 Billion
The Vitol Group (Vitol) says it has increased its credit facility by $782 million to a total of $6 billion.
In addition to signing a $782 million, 364-day facility, the oil trading firm said it has extended its existing $5.22 billion credit facility by one year, for a final maturity in October 2015.
The new facility, which Vitol said is "significantly higher" than its original $350 million target, will refinance a maturing $416 million, 364-day facility signed last October.
"Despite ongoing volatility in the capital and sovereign debt markets, the strength of Vitol's banking relationships, coupled with its consistent results and strong credit profile, provided the positive backdrop to the success of this transaction," the company said in a statement.
The credit was arranged by 15 Mandated Lead Arrangers and Bookrunners and 42 other banks, including several new lenders.
Vitol had revenue of $297 billion in 2011, up from $206 billion the previous year and has more than doubled the energy volume it deals in since 2005, according to its website.
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