GENEVA — Mercuria Energy Trading S.A (“Mercuria” or the “Company”) has closed its USD 2.1 Billion European Multicurrency Revolving Credit Facilities (the “Facilities” or the “ERCF”). Coöperatieve Rabobank U.A., Crédit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd, Emirates NBD Bank (P.J.S.C.), London Branch, Industrial Commercial Bank of China Limited, London Branch, ING Bank N.V., Mizuho Bank, Ltd., Natixis, Société Générale (acting through its corporate & investment banking division), Sumitomo Mitsui Banking Corporation and UniCredit Bank AG acted as Bookrunning Mandated Lead Arrangers. Bank of China Limited, London Branch, DZ Bank AG and UBS Switzerland AG joined as Mandated Lead Arrangers.
The Facilities were launched at USD 1.55 Billion on 20th April and a bank presentation was organised by webinar on 22nd April. Following strong demand from banks, the Facilities were oversubscribed by circa 50% and subsequently increased to USD 2.1 Billion in aggregate, with Mercuria choosing to scale back lender commitments.
The Facilities comprise a 1-year Multicurrency Revolving Credit Facility, a 1-year Multicurrency Revolving Credit/Swingline/OBSI Facility and a 3-year Multicurrency Revolving Credit Facility. The three Multicurrency Revolving Credit Facilities include two 1-year extension options.
In a separate transaction, on 7th April Mercuria US Finance LLC, a dedicated US-based funding vehicle of the Company, issued notes in the US Private Placement (“USPP”) market with tenors of 5- and 7-years. This is the Company’s second issuance in the USPP market following an initial issuance in 2013. Similar to the ERCF, the Company received bids circa 40% in excess of its launch size and chose to scale back bids to USD 75 Million in aggregate. SG America Securities, LLC (Societe Generale) and ING Financial Markets, LLC served as joint Placement Agents.
The proceeds from both the ERCF and USPP will be used for working capital and general corporate purposes.
“The renewal of our 2021 European RCF has again been a success and another strong vote of confidence coming from our diversified group of banking partners that value the resilience and performance of the business model developed by Mercuria over the past 17 years” said Guillaume Vermersch, Group Chief Financial Officer of Mercuria. “The re-entry of Mercuria into the US Private Placement market helps diversify this group further across new investors that recognise the strength of Mercuria’s credit and balance sheet.”
The following banks joined the Bookrunning Mandated Lead Arrangers and Mandated Lead Arrangers in general syndication for the ERCF:
Agricultural Bank of China Limited, London Branch
China Construction Bank Corporation, Beijing, Swiss Branch Zurich
Commerzbank AG London Branch
DBS Bank Ltd, London Branch
Erste Group Bank AG, London Branch
First Abu Dhabi Bank (PJSC)
KfW IPEX-Bank GmbH
MUFG Bank, Ltd.
Raiffeisen Bank International AG
Banco do Brasil AG
Bank of Taiwan
Lloyds Bank plc
Sumitomo Mitsui Trust Bank, Limited (London Branch)
Banque Cantonale De Geneve
Banque Cantonale Vaudoise
First Commercial Bank, Limited
National Bank of Ras Al-Kaimah
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