Mercuria Energy Trading S.A (“Mercuria) announced that it has closed its USD 2.0 Billion Multicurrency Revolving Credit Facilities (the “Facilities”). The Facilities were launched at USD 1.8 Billion, and as a result of strong support closed oversubscribed ca 45 percent. ABN AMRO Bank N.V., Coöperatieve Rabobank U.A., Crédit Agricole Corporate and Investment Bank SA, Credit Suisse (Switzerland) Ltd., First Abu Dhabi Bank PJSC, Industrial Commercial Bank of China Limited London Branch, ING Bank N.V., Mizuho Bank Ltd., Natixis, Société Générale Corporate and Investment Banking, Sumitomo Mitsui Banking Corporation, The Royal Bank of Scotland PLC and UniCredit Bank AG acted as Bookrunning Mandated Lead Arrangers. Bank of America Merrill Lynch International Limited, Commonwealth Bank of Australia, DBS Bank Ltd., London Branch, Deutsche Bank AG, Amsterdam Branch, DZ Bank AG and Emirates NBD PJSC, London Branch joined as Mandated Lead Arrangers.
The Facilities comprise a 12-month Multicurrency Revolving Credit Facility, a 12-month Multicurrency Revolving Credit Facility/Swingline and a 3-year Revolving Credit Facility. The two 12-month Multicurrency Revolving Credit Facilities (launched at USD 1.5 Billion) both include a 12-month extension option. The 3-year Revolving Credit Facility of USD 300 Million was extended via the existing extension option. The Facilities will be used for general corporate purposes and working capital.
The Facilities were launched at USD 1.8 Billion on 21st April and a bank meeting was held in London on 25th April. Following strong demand from banks, the Facilities were oversubscribed by around 45 percent, and subsequently increased to USD 2.0 Billion in aggregate, with Mercuria choosing to scale back lender commitments.
“This strong outcome represents tremendous enthusiasm from our banking partners. Thirty-nine geographically diverse banks participate in the Facilities. They include a large group of top level BMLA and MLA banks” said Guillaume Vermersch, Group Chief Financial Officer of Mercuria. “These Facilities, which Mercuria chose to scale back, reflect Mercuria’s sustained globally diverse business boosted by the strategic investment by China National Chemical Corporation. The strength of the syndicate demonstrates the continued confidence of our financial partners in Mercuria’s business model. We look forward to continuing to work closely with our banking group.”
The following banks joined the Bookrunning Mandated Lead Arrangers and Mandated Lead Arrangers in general syndication:
Lead Arranger:
UBS
Arranger:
MUFG
Co-Arrangers:
Bank of China Limited, London Branch
Commerzbank AG
Agricultural Bank of China (UK) Limited
Erste Group Bank AG, London Branch
Hang Seng Bank Limited
Nedbank
Raiffeisen Bank International AG
Sumitomo Mitsui Trust Bank, Limited
Zürcher Kantonalbank
Participants:
Banque Cantonale de Geneve
BCV
China Construction Bank Corporation, Beijing, Swiss Branch Zurich
Commercial Bank of Dubai
Union de Banques Arabes et Françaises
Banco do Brasil AG – Succursale France
Banque Misr SAE – Paris Branch
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