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Vitol Asia approaches banks for RCF, while Vitol secures additional jumbo European trade finance line.
The Asian unit of oil trader Vitol, Vitol Asia Pte Ltd (Vitol Asia), has begun to approach banks this week for its Asian revolving credit facility (RCF). The trader declines to comment on the deal, but it is understood to be in talks with banks for senior tickets on the facility.
The new deal will refinance Vitol Asia's one-year $1.585 billion RCF which signed in June 2011. That deal had a margin of 90 basis points over Libor and had a participation fee of 250bp for banks committing $20 million plus.
Bank of China, Commonwealth Bank of...