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Norton Rose Fulbright Advised Natixis On Trafigura Group’s US$1 Billion Trafigura Financing Facility

Norton Rose Fulbright Advised Natixis On Trafigura Group’s US$1 Billion Trafigura Financing Facility
Global law firm Norton Rose Fulbright has successfully advised Natixis CIB (Natixis) on Trafigura Group’s inaugural US$1 billion uncommitted discounted facility of credit-insured receivables and prepayments.
Natixis arranged and coordinated the facility, which was oversubscribed and increased from an initial amount of US$800 million. In addition to its role as the document, facility, and security agent, Natixis also acted as the Active Bookrunner and Mandated Lead Arranger.
The syndicate of six participating financial institutions included First Abu Dhabi Bank PJSC, Mizuho Bank, Ltd., and MUFG, which acted as Mandated Lead Arrangers; Abu Dhabi Commercial Bank PJSC and Nedbank Ltd, London Branch, which served as Lead Arrangers; and ABC International Bank Plc, which acted as Arranger.
The facility was structured to optimize the accounting treatment of insured receivables and prepayments in line with the Capital Requirements Regulation. This shift in credit risk from the buyer or producer to the insurer allows banks to discount these receivables. Trafigura Group companies will now be able to discount receivables on a limited recourse basis, with credit risk fully supported by insurers approved by the participating bank syndicate.
The Norton Rose Fulbright team advising on the transaction was led by partners Davide Barzilai, Tudor Plapcianu, and associate Natalie Lake.
Davide Barzilai commented, “We were pleased to be able to support our longstanding client, Natixis and the other financial institutions on this innovative and highly complex transaction. The success of this deal is a testament to the strong, ongoing collaboration between all parties involved.”
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