Daily News: November 19, 2014

RBS, Others Arrange Mercuria $1B Revolver

A group of 38 banks joined with Mercuria Energy Group, a global energy and commodities group, to announce the successful signing of a $1 billion Asia credit facility.

The banks included Australia and New Zealand Banking Group, The Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Emirates NBD Capital, First Gulf Bank, Singapore Branch, Industrial and Commercial Bank of China, ING Bank, The Royal Bank of Scotland, Société Générale Corporate & Investment Banking and Sumitomo Mitsui Banking acting as mandated lead arrangers and bookrunners.

The facilities comprise a new $622 million 364-day tranche with swingline and Offshore Chinese Renminbi (CNH) options and a $378 million three-years revolving tranche. The facilities were issued for Mercuria Energy Trading and Mercuria Asia Group Holdings.

Mercuria will use the facilities for general corporate purposes and to refinance the Group’s maturing $530 million 364-day and $470 million three-year revolving credit facilities dated 30th November 2013.

“We are very pleased with the strong outcome of oversubscription and 38 banks committing to these facilities,” concluded Guillaume Vermersch, CFO of Mercuria. “The number of new geographically diverse banks, and a broader group of top-level Bookrunner Mandated Lead Arranger and Mandated Lead Arranger banks demonstrates the strength of the syndicate and continued confidence of our financing partners in Mercuria’s business model, as well as the robust appeal of the facilities. We look forward to continuing to work closely with our banking group.”