Mercuria gets $1.2 billion of credit facilities for Asian business

By Sarah Lizee

Olympia, Wash., Nov. 25 – Mercuria Energy Group Ltd. closed an oversubscribed $1.2 billion of credit facilities joined by a group of 37 banks for its Asian business, according to a press release.

The facilities were arranged by Australia and New Zealand Banking Group Ltd., Bank of China, Singapore Branch, Cooperatieve Rabobank UA Singapore Branch, DBS Bank Ltd., Emirates NBD Capital Ltd., Industrial and Commercial Bank of China Ltd., London Branch, ING Bank NV Singapore Branch, Mizuho Bank, Ltd., MUFG Bank, Ltd., Oversea-Chinese Banking Corp. Ltd., Societe Generale, Singapore Branch and Sumitomo Mitsui Banking Corp. Singapore Branch acting as bookrunning mandated lead arrangers.

CTBC Bank Co., Ltd. joined the facilities prior to launch of general syndication as the Taiwan coordinator mandated lead arranger.

The facilities, signed on Nov. 15, are for a total of $1.2 billion and include a one-year facility with an offshore Chinese renminbi option, a one-year swingline facility, and a three-year facility, as well as an extension of the 2018 three-year facility by a further 12 months.

All the 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 revolvers, as well as for general corporate and working capital purposes.

The new facilities were launched on Sept. 9 with bank meetings held in Taipei, the Middle East and Singapore.

“Following strong global demand from a range of international banks across continents, the new RCF received overwhelming responses with oversubscription by more than 50% above the initial launch amount, with Mercuria choosing to scale back on lender commitments,” the company said in the release.

The following banks joined the bookrunning mandated lead arrangers and Taiwan coordinator in the new and extended facilities: Arab Petroleum Investments Corp. as mandated lead arranger; Banco Do Brasil Corporate Banking Europe; Westpac Banking Corp., Singapore Branch; Credit Agricole CIB, Singapore Branch; Indian Bank; Singapore National Australia Bank Ltd.; and UniCredit Bank AG, Singapore Branch as lead arrangers.

Also joining the group were China Citic Bank International Ltd., Singapore Branch; Commerzbank AG, Singapore Branch; Natixis Singapore Branch; Sumitomo Mitsui Trust Bank, Ltd., Singapore Branch; Korea Development Bank, Singapore Branch; Korea Development Bank, Tokyo Branch; and UBS AG, Singapore Branch as arrangers.

In addition were Shanghai Pudong Development Bank Co., Ltd. Singapore Branch; ABN Amro Bank NV, Singapore Branch; Abu Dhabi Commercial Bank PJSC; AfrAsia Bank Ltd.; China Merchants Bank Co. Ltd., Singapore Branch; Lloyds Bank Corporate Markets plc, Singapore Branch; National Bank of Fujairah PJSC; Taichung Commercial Bank Co., Ltd., Offshore Banking Branch; Taiwan Cooperative Bank, Offshore Banking Branch; United Overseas Bank Ltd.; and Bank of Panhsin as co-arrangers.

Mercuria is a Geneva-based commodity trading company active in a spectrum of global energy markets.

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