International commodities trading company Trafigura plans to issue a $300 million trade receivables securitization.

Societe Generale and the Royal Bank of Scotland have been mandated to lead the deal, Trafigura Securitization Finance (Series 2014-1).

Two tranches will be sold from the trust. The largest tranche will offer $279 million of notes that assigned a preliminary ‘AAA’/ ‘Aaa’ ratings by Standard & poor’s and Moody’s Investors Service. The class B tranche will sell $21 million of ‘BBB’/ ‘Baa2’ notes.

The structure also includes $156 million of junior variable funding notes, the series 2012-1 class B MTNs, $30 million of the series 2014-1 class B MTN, an $82.8 million senior subordinated loan, and $286.3 million junior subordinated loan.

The program is structured with a  revolving period that ends in 2017 but the underlying trade receivables have a short average life (on average less than one month). The  trade receivables arise from contracts for sale of crude oil, oil products, non-ferrous metals, non-ferrous metal concentrates, iron ore, and coal.

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