Mercuria‘s North American operating entities closed a multi-year, $2.2 billion senior secured borrowing base credit facility. The facility was oversubscribed, enabling Mercuria to increase the size by $500 million and add a two-year tranche. The joint borrowers for the facility are Mercuria Energy America, Minerva Bunkering (USA) and Mercuria Commodities Canada Corporation.
Societe Generale, MUFG Bank, Natixis, Rabobank, ING Capital and Sumitomo Mitsui Banking Corporation were joint lead arrangers and joint bookrunners for the facility. Societe Generale acted as administrative agent and collateral agent, while MUFG Bank, Natixis, Rabobank, ING Capital and Sumitomo Mitsui Banking Corporation acted as co-syndication agents. Credit Agricole Corporate and Investment Bank, Mizuho Bank and UniCredit Bank are participating as co-documentation agents. An additional 10 banks participated at various commitment levels.
Mercuria will use the facility to finance working capital needs related to its North American operations.
“Mercuria’s oversubscribed facility is indicative of the strong support we receive from our North American banking partners,” Guillaume Vermersch, group CFO of Mercuria, said. “We received commitments substantially in excess of our target, enabling us to increase the size of our bank group and add a two-year tranche to the facility. This is a testament to our enduring performance and the long-term relationship we have built with this group of banks. We look forward to working with our banking partners over the upcoming year as we continue to grow the North American business.”
Established in 2004, Mercuria is an energy and commodities group.