Mercuria successfully closes oversubscribed revolving credit facility of US$1.35 billion for its Asian business
Source: ASDA'A BCW , Author: Posted by BI-ME staff
Posted: Wed November 28, 2018 11:17 am

SINGAPORE. Mercuria Energy Group Ltd. (“Mercuria” or the “Group”), the global energy and commodities group is pleased to announce the successful signing of credit facilities in the amount of US$ 1.35 billion (the “Facilities”) that was joined by a group of 36 banks.

The Facilities were arranged by Australia and New Zealand Banking Group Limited, Bank of China Limited, Singapore Branch, Coöperatieve Rabobank U.A. Singapore Branch, DBS Bank Ltd., Emirates NBD Capital Limited, Industrial and Commercial Bank of China Limited, London Branch, ING Bank N.V. Singapore Branch, Mizuho Bank, Ltd., MUFG Bank, Ltd., Oversea-Chinese Banking Corporation Limited, Société Générale, Singapore Branch, and Sumitomo Mitsui Banking Corporation Singapore Branch, acting as Bookrunning Mandated Lead Arrangers (“BMLA”).

The Facilities, signed on 19 November 2018, are for a total of US$ 1.35 billion and include a 1 year facility (with an Offshore Chinese Renminbi option), a 1 year swingline facility and a 3 year revolving credit facility.

All three facilities are revolving in nature and were issued by Mercuria Energy Trading Pte. Ltd. and Mercuria Asia Group Holdings Pte. Ltd.

Mercuria will use the Facilities to refinance the Group’s maturing syndicated revolving credit facilities, as well as for general corporate and working capital purposes.

The new Facilities were launched on 14 September 2018 with bank meetings held in Taipei, Dubai, Abu Dhabi, Shanghai, and Singapore. Following strong global demand from a range of international banks across continents, the new RCF was oversubscribed by more than 50 percent above the initial launch amount. The facility was upsized after substantial scale back.

“This year’s refinancing demonstrates the continued strong support from both new and existing banking partners. Thirty-six geographically diverse banks committed to these Facilities, including a large group of top level BMLA banks. We are pleased to announce that we have one additional BMLA on board this year, together with eight new banks participating in our Asian facilities.”, said Bin Wang, Mercuria’s Chief Financial Officer for Asia.

Guillaume Vermersch, Group Chief Financial Officer added “The lenders in our banking group recognize Mercuria’s operating strategy and are confident in our business model. The Group’s activities have been boosted by our strategic partnership with ChemChina, which has continued to deliver a number of new initiatives in 2018. With our ever increasing footprint in Asia, we look forward to deepening the working relationship with these financing partners.”

The following banks joined the Bookrunning Mandated Lead Arrangers in general syndication:

Mandated Lead Arrangers
United Overseas Bank Limited
Arab Petroleum Investments Corporation (APICORP)
CTBC Bank Co., Ltd., Singapore Branch
Indian Bank, Singapore
 
Lead Arrangers
Banco Do Brasil AG
Agriculture Bank of China Limited, Singapore Branch
Credit Agricole Corporate and Investment Bank, Singapore Branch
Malayan Banking Berhad, Singapore Branch
National Australia Bank Limited
Shanghai Pudong Development Bank Co., Ltd. Singapore Branch

Arrangers
Commerzbank AG, Singapore Branch
Commonwealth Bank of Australia, Singapore Branch
Natixis Singapore Branch
Sumitomo Mitsui Trust Bank Limited, Singapore Branch
UBS AG, Singapore Branch
Westpac Banking Corporation, Singapore Branch

Co-Arrangers
ABN AMRO Bank N.V., Singapore Branch
E. SUN Commercial Bank, Ltd., Singapore Branch
Lloyds Bank Corporate Markets PLC, Singapore Branch
Taichung Commercial Bank Co. Ltd., Offshore Banking Branch
Taipei Fubon Commercial Bank Co. Ltd. Singapore Branch
Taiwan Cooperative Bank, Offshore Banking Branch
Bank of Panhsin
Union De Banques Arabes ET Francaises

 

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