Metals trader Ocean Partners UK has renewed and upsized its flagship borrowing base facility with backing from 12 lenders.
The uncommitted, secured revolving facility of US$537.5mn helps fund the company’s copper and precious metals concentrate blending and warehousing operations in Taiwan, according to an August 27 statement.
The one-year facility, which includes a US$100mn accordion feature, is 30% larger than the previous renewal in 2024, the company says.
ING is the facility and security agent, hedging overdraft bank and co-ordinator, while also acting as a bookrunning mandated lead arranger (MLA).
The other bookrunning MLAs are HSBC, Société Générale and UBS. Natixis is an MLA, while CA Indosuez and Rabobank are lead arrangers.
Bank of China, Banque Cantonale Vaudoise, Banque de Commerce et de Placements, MUFG and Nexent Bank are lead arrangers. The lenders were advised by Clifford Chance.
Ocean Partners chief executive Brent Omland says the facility closing “underscores the strong and ongoing support we receive from our lending partners”.
“The increase of the facility to US$537.5mn, along with the US$100mn accordion feature, represents a significant milestone for Ocean Partners,” Omland adds. “This achievement enhances our financial flexibility, enabling us to continue and expand our ability to deliver just in time deliveries of blended concentrates in unprecedently tight markets.”
From Taiwan, Ocean Partners serves clients across several major Asian markets, including China.
In addition to trading and warehousing, the company also offers financing solutions to counterparts through its network of trade and structured finance banks as well as from its own balance sheet, according to its website.
