Mercuria Successfully Signs $1.34bn Credit Facilities for Its Asian Business

Mercuria Energy Group Ltd., 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, Global Ethical Banking reported.

The Facilities were arranged by Australia and New Zealand Banking Group Limited, Bank of China, 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 Corporate & Investment Banking, 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.”

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