Mercuria‘s North American operating entities closed a $1.7 billion one-year senior secured borrowing base revolving credit facility. Mercuria decreased the size of the facility by $200 million while adding additional banks to the banking group. The joint and several borrowers are Mercuria Energy America, Minerva Bunkering (USA) and Mercuria Commodities Canada.
Societe Generale, MUFG Bank, Natixis New York Branch, Cooperatieve Rabobank New York Branch and ING Capital were joint lead arrangers for the facility. Societe Generale acted as sole coordinator, facility agent and collateral agent, while MUFG Bank, Natixis New York Branch, Cooperatieve Rabobank New York Branch and ING Capital acted as co-syndication agents. Credit Agricole Corporate and Investment Bank, Mizuho Bank and Sumitomo Mitsui Banking are participating as co-documentation agents and an additional 11 banks participated at various commitment levels.
The facility was oversubscribed, with Mercuria choosing to scale back lender commitments. It will be used for financing of the company’s working capital needs related to North American inventory and receivables. Additionally, the facility has grown its capacity to finance the ongoing transition into green energy with the company’s renewable portfolio in North America.
“Mercuria’s banking partners have continued to show strong support for our North American facility despite today’s uncertain market conditions,” Guillaume Vermersch, group CFO of Mercuria, said. “We were substantially over-committed and increased the size of our bank group, which is a testament to our enduring performance. We look forward to working with our banking partners over the upcoming year as we continue to grow the North American business.”