Mercuria Energy America closed a $3.4 billion one-year secured borrowing base facility in North America, engaging Société Générale, MUFG Bank, Natixis (New York branch), Coöperatieve Rabobank (New York branch), ING Capital, Sumitomo Mitsui Banking, Credit Agricole and Mizuho Bank as joint lead arrangers. Société Générale acted as administrative agent.
Launched on Aug. 14, with general syndication beginning on Sept. 17, the facility received strong demand, leading to oversubscription. As a result, Mercuria chose to scale back lender commitments to $3.4 billion. The facility will be utilized for general corporate purposes and working capital needs.
“The successful refinancing of our North American Borrowing Base secures greater liquidity and flexibility for the Group as we advance our commodities footprint and energy transition goals,” Guillaume Vermersch, chief technology officer of Mercuria, said. “This strong over-subscription by our bank partners speaks to their confidence in our proven business model and forward-looking vision.”
“With the refinancing of our borrowing base facility, we are positioned to accelerate growth in the North American market, advancing our strategic business initiatives,” Bin Wang, chief financial officer, North America of Mercuria, said. “This year’s refinancing demonstrates the continued strong support from new and existing banking partners. Twenty-three banks committed to the facility, including a large group of top-level JLAs and the new addition of global and regional banks.”
