Energy and commodities trader Mercuria has signed revolving credit facilities (RCFs) for the amount of US$1.1bn.
A group of 27 banks joined the financing, which was arranged by ANZ, the Bank of Tokyo-Mitsubishi UFJ, DBS, Emirates NBD Capital, First Gulf Bank, Industrial and Commercial Bank of China, ING Bank, Mizuho, Société Générale, Sumitomo Mitsui Banking Corporation and United Overseas Bank acting as bookrunning mandated lead arrangers (MLAs).
The financing includes a 364-day US$515mn facility (with an offshore renminbi option), a 364-day US$200mn swingline facility, as well as a three-year US$385mn facility. All three facilities are revolving in nature.
The facilities, which were oversubscribed by circa 38% above the initial launch amount, will be used to refinance Mercuria’s maturing US$1bn syndicated RCF from 2014, as well as general corporate and working capital purposes.
“We are very pleased with the continued support of the banking community as evidenced by the healthy oversubscription and a total of 27 banks committing to the facilities,” says Guillaume Vermersch, Mercuria’s CFO. “The lenders in our banking group understand Mercuria’s operating strategy and are confident in our business model. We look forward to deepening our working relationship with our financing partners.”
The following banks joined the bookrunning MLAs in general syndication:
Mandated lead arrangers
Bank of China, Singapore Branch
Rabobank, Singapore Branch
Lead arrangers
Oversea-Chinese Banking Corporation
Banco do Brasil
Westpac Banking Corporation
Arrangers
Commonwealth Bank of Australia
CTBC Bank
Sumitomo Mitsui Trust Bank
UBS
Co-arrangers
Hang Seng Bank Limited
The Bank of East Asia
BRED Banque Populaire
Raiffeisen Bank International
Bank of Panshin
Union De Banques Arabes Et Francaises
Zenith Bank
