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ED&F Man expands revolver

12 January 2010

London-based commodities broker ED&F Man Holdings is in talks with banks as it seeks to grow its $1 billion plus revolving credit facility.

Read more: [ED&F Man Holdings] [commodity brokers refinancings] [revolving credit facilities]

London-based commodities broker ED&F Man Holdings is in talks with banks as it seeks a $1 billion plus deal for its revolving credit facility.

The deal is still in its initial stages, and no final figure amount has been established, but it is believed that the firm will ask for one-year, two-year and three-year tranches...


Poll

Gazpromneft stunned the market this week when it was revealed pricing for their five-year $1 billion pre-export financing was rumoured to be just above 300 basis points over Libor. Is the deal likely to be a syndication success?

Yes - this seems like a sensible pricing benchmark, why not?
9%
No - are you crazy? These prices are ridiculous. What were these banks thinking?
27%
Yes - but for all the wrong reasons. A lack of other deals in the market, and the promise of future business with Gazpromneft will make it hard to ignore but don’t expect many to take up big tickets with this deal. There are much better deals out there.
64%

Quote

Until credit sanctioners can escape from their investment grade comfort zone, they’ll never enable the full potential of an STCF approach to be felt.

Aidan Applegarth, independent banking consultant - Commodity banks bounce back, December 2009