Mercuria Closes Oversubscribed $1.7B Syndicated Term Loan and Credit Facilities

Mercuria Energy Group closed its $1.7 billion equivalent in USD and CNH syndicated term loan and revolving credit facilities in Asia. Abu Dhabi Commercial Bank, Arab Petroleum Investments, Bank of China (Singapore branch), DBS Bank, Industrial and Commercial Bank of China (London branch), Mizuho Bank, MUFG Bank, Oversea-Chinese Banking, Sumitomo Mitsui Banking (Singapore branch) and the Export-Import Bank of China served as bookrunning mandated lead arrangers._x000D_
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The facilities were launched at $850 million on Sept. 2, 2024, and a bank meeting was held on Sept. 12, 2024 in Singapore. Following successful syndication and demand, the facilities were oversubscribed by more than 90% compared to the launch amount. Mercuria chose to scale back lender commitments to an increased amount of $1.7 billion in aggregate._x000D_
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The facilities comprise of (I) a one-year USD revolving credit facility, which includes a revolving credit/swingline facility in US Dollars, (II) a new 1-year term loan credit facility in Offshore Chinese Renminbi (CNH), and (III) a three-year USD revolving credit facility, each with two additional 12-month extension options. The facilities will be used for general corporate and the group’s working capital purposes._x000D_
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“Thirty-three banks have participated in the facilities, including new lenders from the Asia-Pacific and Middle East region,” Guillaume Vermersch, chief financial officer of Mercuria Group, said. “As we ramp up our resources within Asia with new manpower, we are pleased that our banks provide strong support. Asia remains an important market for Mercuria as we continue to build up our presence in China, Japan, Australia and New Zealand and beyond.”_x000D_
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“We are very pleased with the overwhelming response to our renewal of our Asian RCF, especially regarding the dedicated CNH tranche from our existing and new Chinese lenders,” Anthony Ford, chief financial officer and global head of credit for Mercuria, said. “We see strong opportunities in China and will continue to explore this with our banking partners.”_x000D_
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The following banks joined the BMLAs in the new and existing facilities:_x000D_
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Bookrunning Mandated Lead Arrangers_x000D_
Arab Petroleum Investments_x000D_
Industrial and Commercial Bank of China, London Branch_x000D_
The Export-Import Bank of China_x000D_
Bank of China Limited, Singapore Branch_x000D_
Abu Dhabi Commercial Bank_x000D_
DBS Bank_x000D_
Mizuho Bank_x000D_
MUFG Bank_x000D_
Oversea-Chinese Banking_x000D_
Sumitomo Mitsui Banking, Singapore Branch_x000D_
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Mandated Lead Arrangers_x000D_
China Merchants Banking Group_x000D_
China Merchants Bank, Singapore Branch_x000D_
CMB Wing Lung Bank_x000D_
China CITIC Banking Group_x000D_
China CITIC Bank International, Singapore Branch_x000D_
China CITIC Bank, Shanghai Branch_x000D_
China CITIC Bank, London Branch_x000D_
Agricultural Bank of China, Singapore Branch_x000D_
Emirates NBD Bank, Singapore Branch_x000D_
National Bank of Australia_x000D_
UBS AG, Singapore Branch_x000D_
Union Bank of India, Sydney Branch_x000D_
Westpac Banking, Singapore Branch_x000D_
China Construction Bank, Singapore Branch_x000D_
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Lead Arrangers_x000D_
Cooperatieve Rabobank, Singapore Branch_x000D_
First Abu Dhabi Bank, Singapore Branch_x000D_
Credit Agricole Corporate & Investment Bank, Singapore Branch_x000D_
Kookmin Bank, Singapore Branch_x000D_
Natixis, Singapore Branch_x000D_
Societe Generale, Hong Kong Branch_x000D_
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Arrangers_x000D_
Shanghai Pudong Development Bank, HuangPu Branch_x000D_
National Bank of Fujairah_x000D_
Sumitomo Mitsui Trust Bank Limited, Singapore Branch_x000D_
China Everbright Bank, Shanghai Branch_x000D_
United Overseas Bank