Vitol forward start tipped for success after launch

08 Jul 2009

The $3bn forward start facility for Swiss commodity trader Vitol is expected to meet few hurdles in syndication after it was launched into the market on Tuesday. The transaction, which is being co-ordinated by five banks, is understood to have already received some commitments.

Calyon, Lloyds Banking Group, JPMorgan, Royal Bank of Scotland and Société Générale are leading the deal. The forward start is understood to be related to a revolver of just over $4bn signed in October 2007, which matures in October 2010.

The borrower is expected to be able to ...

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