Mercuria Energy Trading closed $2.17 billion in multi-currency revolving credit facilities. Bank of China, Coöperatieve Rabobank, Crédit Agricole, Credit Suisse, Emirates NBD Bank, Industrial Commercial Bank of China, ING Bank, Mizuho Bank, Natixis, Société Générale, Sumitomo Mitsui Banking, UBS Switzerland and UniCredit Bank acted as bookrunning mandated lead arrangers. D.Z. Bank joined as mandated lead arranger.
The one-year facilities were launched at $1.3 billion on April 19. The first one-year extension option of the $510 million three-year revolving credit facility from the 2021 European R.C.F. was also exercised. Following successful syndication, with the one-year facilities oversubscribed by more than 38%, Mercuria chose to scale back lender commitments to an increased facilities amount of $2.17 billion in aggregate.
The facilities comprise a one-year multicurrency revolving credit facility, a 1-year multicurrency revolving credit/swingline/O.B.S.I. facility and the extended three-year revolving credit facility with one one-year extension option available. The one-year multicurrency revolving credit facilities both include two 12-month extension options. The facilities will be used for working capital and general corporate purposes.
“The successful refinancing and extension of our 2021 European revolving credit facility once again reflects our strong credit profile and underscores the confidence that our lenders have in Mercuria’s business model. Our flagship revolving credit facility is a key component of our conservative funding strategy, and our continued access to liquidity has supported the company’s ability to deliver strong performance during recent periods of unprecedented volatility,” Guillaume Vermersch, group chief financial officer of Mercuria, said. “We appreciate the support from our long-standing banking partners in growing the overall size of this facility which will further support the growth and evolution of our business.”
The following banks joined the bookrunning mandated lead Arrangers and mandated lead arrangers in general syndication:
- Agricultural Bank of China
- China Construction Bank Corporation
- DBS Bank
- Erste Group Bank
- First Abu Dhabi Bank (P.J.S.C.)
- MUFG Bank
- Raiffeisen Bank
- Bank ABC
- Bank of Taiwan
- Lloyds Bank
- National Bank of Ras Al-Kaimah
- Sumitomo Mitsui Trust Bank
- Zürcher Kantonalbank
- Banque Cantonale Vaudoise
- First Commercial Bank
- Banque Cantonale de Geneve
- Garanti Bank