Le Lézard
Classified in: Oil industry, Transportation, Business
Subject: CXP

Mercuria Closes Oversubscribed Revolving Credit Facility of US$ 720,000,000 In Financing for its Asian Business


SINGAPORE, Nov. 24, 2020 /PRNewswire/ -- 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$ 720 million (the "Facilities") that was joined by a group of 22 banks.

The Facilities were arranged by Bank of China Limited, Singapore Branch, Coöperatieve Rabobank U.A. Singapore Branch, DBS Bank Ltd., Emirates NBD Capital Limited, Emirates NBD Bank (P.J.S.C), Singapore Branch, 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, Hong Kong Branch, and Sumitomo Mitsui Banking Corporation Singapore Branch, acting as Bookrunning Mandated Lead Arrangers ("BMLAs").

The Facilities, signed on 16 November 2020, are for a total of US$ 720 million and include a one-year facility (with an Offshore Chinese Renminbi option), and one-year swingline facility.  The Facilities are revolving in nature and were issued by Mercuria Energy Trading Pte. Ltd. and Mercuria Asia Group Holdings Pte. Ltd. acting as Borrowers.

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 17 September 2020 for general syndication. Following strong global demand from a range of international banks across continents, the new RCF was oversubscribed by about 40 percent above the initial launch amount, with Mercuria choosing to scale back on lender commitments. The Facilities complement the existing US$ 380 million 3-year tranche of the 2019 Agreement. The combined US$ 1.1 billion one-year and three-year ARCF facilities continue to be an important pillar of the Group financing strategy.

"Despite the unprecedented events seen in 2020, especially in the commodity markets, we are very pleased to announce the continued support from our twenty-two geographically diverse banking partners, including a large group of top-level BMLA banks. This support demonstrates their strong confidence in Mercuria and our business model, coupled with our solid risk management capabilities in such volatile times," said Bin Wang, Mercuria's Chief Financial Officer for Asia.

Guillaume Vermersch, Mercuria's Group Chief Financial Officer, added: "The lenders in our banking group recognize Mercuria's operating strategy. Our diversified business model has enabled us to take measured opportunities and provide further profitable growth with stringent risk management in place. We are committed to growth in Asia and look forward to working with our banking partners in a sustainable manner."

The following banks joined the transaction:

Bookrunning Mandated Lead Arrangers
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, Hong Kong Branch
Sumitomo Mitsui Banking Corporation Singapore Branch

Lead Arrangers
Crédit Agricole Corporate and Investment Bank, Singapore Branch
Indian Bank
National Australia Bank Limited

Arrangers
China CITIC Bank International Limited Singapore Branch
Commerzbank AG, Singapore Branch
Lloyds Bank Corporate Markets plc, Singapore Branch
Natixis Singapore Branch
Sumitomo Mitsui Trust Bank Limited, Singapore Branch
UBS AG, Singapore Branch
United Overseas Bank Limited

Co-Arrangers
National Bank of Fujairah

 

SOURCE Mercuria


These press releases may also interest you

at 00:25
Shanghai Junshi Biosciences Co., Ltd ("Junshi Biosciences," HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced its financial...

at 00:24
In the news release, Roborock Reports 2023 Full Year Financial Results, issued 28-Mar-2024 by Roborock over PR Newswire, we are advised by the company that in the first bullet point of "Growth across Product Categories", the USD amount should read...

28 mar 2024
Royal Bank of Canada ("RBC") today announced it has completed the acquisition of HSBC Bank Canada ("HSBC Canada"). "Today marks one of the most exciting times of our 155-year history and a pivotal milestone in our long-term growth story as we...

28 mar 2024
The opening ceremony of the Boao Forum for Asia (BFA) Annual Conference 2024 was held in Boao, south China's Hainan Province on Thursday, with China's top legislator Zhao Leji stressing China's economic potential, appealing to international investors...

28 mar 2024
OKX Ventures, the investment arm of leading Web3 technology company OKX, has issued updates for March 29, 2024. OKX Ventures...

28 mar 2024
Curio Legacy Ventures (Curio), a frontrunner in nuclear technology innovation, proudly announces a strategic partnership with Navarro Research and Engineering, Inc. (Navarro). This collaboration signals a significant step forward in advancing nuclear...



News published on and distributed by: