TXF's Perfect Ten Commodity Finance Deals of the Year
The wait for the winners of the TXF Perfect 10 Commodity Finance Deals of the Year is over. Read on to find the landmark deals of 2024.
TXF is delighted to reveal the winners of its annual Perfect 10 Commodity Finance Deals of the Year. Winners were selected by TXF's editorial team based on votes from industry professionals and feedback from experts in the market.
This year's winners showcase the innovation that can still be found across the commodity trade finance industry. Sustainability-linked loans, ECA-backed facilities, Shariah-compliant financing, traditional structured trade finance and the first ever implementation of electronic bills of lading in a syndicated deal all feature below.
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So, without further ado, here are the winners for 2024:
Technology Deal of the Year
Trafigura - eBL borrowing base
A groundbreaking $2.8 billion borrowing base that incorporates electronic bills of lading into a secured facility for the first time. The deal is a breakthrough for digitalisation in trade and a significant demonstration of new horizons under the UK Electronic Trade Documents Act. It features 27 lenders and is tied to Trafigura’s metal concentrates business.
Pre-Export Finance Deal of the Year
A $150 million pre-export financing for Kernel that will provide working capital for the purchase of sunflower seeds, rapeseed and soybeans in Ukraine. The deal is a landmark corporate facility for a Ukrainian company operating under extreme conditions as Russia’s hostile invasion continues. It offers a healthy testament to the value of traditional trade finance tools when other forms of liquidity have retreated.
Shariah-compliant Deal of the Year
Olam Agri - Murabaha financing
A $625 million Murabaha financing that marks the company’s first ever Shariah-compliant facility. The deal adds significant firepower to Olam Agri's arsenal as Saudi Arabia's SALIC agrees to acquire a controlling stake in the company.
Revolving Credit Facility of the Year
A $12 billion revolving credit facility featuring 68 lenders. This mega-financing demonstrates the ongoing appeal of the commodity finance industry as well as its ability to draw in a range of lenders. At $8.6 billion the three-year medium-term tranche is also significant on an unsecured facility.
Metals & Mining Deal of the Year
Eurasian Resources Group - PXF
A $150 million pre-export financing that will support a supply agreement for copper cathodes produced by ERG in the Democratic Republic of Congo. Glencore is acting as a lender alongside Bank of China on a deal that will boost the supply of a critical mineral for the energy transition and generate economic growth in an emerging market.
Agriculture Deal of the Year
A $90 million borrowing base with security over sugar and plastic resin products in Kenya, Tanzania and Uganda. The deal is a boost for trade finance solutions in Africa while the mix of committed and uncommitted debt offers a healthy balance between certainty and cost of capital.
Sustainability-Linked Deal of the Year
A $1.2 billion borrowing base that will finance Africa-sourced copper cathodes. The deal, which is linked to sustainability metrics monitored by a third-party, has been upsized significantly year-on-year from $850 million in 2024.
Borrowing Base Deal of the Year
A $1.6 billion borrowing base that will underpin Traxys’ growth in critical minerals and battery materials. The four tranches mix uncommitted and committed debt while an accordion facility allowed for a $30 million increase when the facility was oversubscribed. Traxys has attracted a robust and sizable group of lenders through this flagship annual financing.
Export-Backed Deal of the Year
Syndicated ADEX Facility for BGN
An upsized and oversubscribed RCF that builds on an existing relationship between BGN and ADEX. The deal will support BGN’s efforts to procure energy from the UAE for export. It also includes a new Murabaha tranche to accommodate a number of Islamic lenders. The deal is another significant example of growing strategic alliances between commodity traders and export credit agencies.
Acquisition Deal of the Year
Oando PLC - Acquisition of Nigerian Agip Oil Company
A $650 million financing that underpins the acquisition of Nigerian Agip Oil Company by Oando. Mercuria and Indorama Group are acting as lenders alongside Afreximbank. The deal will boost production from the Northern Niger Delta and job creation in the Nigerian economy.
