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Mercuria successfully closes oversubscribed revolving credit facility of US$ 1,200,000,000 in financing for its Asian business
25.11.2019

Singapore, 25 November 2019 - Mercuria Energy Group Ltd. (“Mercuria” or the “Group”), the global energy and commodities group is pleased to announce the successful signing of US$ 1.2 billion credit facilities (the “Facilities”) that was joined by a group of 37 banks.

The Facilities were arranged by Australia and New Zealand Banking Group Limited, Bank of China, Singapore Branch, Coöperatieve Rabobank U.A. Singapore Branch, DBS Bank Ltd., Emirates NBD Capital Limited, Industrial and Commercial Bank of China Limited, London Branch, ING Bank N.V. Singapore Branch, Mizuho Bank, Ltd., MUFG Bank, Ltd., Oversea-Chinese Banking Corporation Limited, Société Générale, Singapore Branch, and Sumitomo Mitsui Banking Corporation Singapore Branch, acting as Bookrunning Mandated Lead Arrangers (“BMLAs”). CTBC Bank Co., Ltd joined the Facilities prior to launch of general syndication as the Taiwan Coordinator Mandated Lead Arranger (“Taiwan Coordinator MLA”).

The Facilities, signed on 15 November 2019, are for a total of US$ 1.2 billion and include a 1 year facility (with an Offshore Chinese Renminbi option), a 1 year swingline facility, and a 3 year facility, as well as an extension of the 2018 3 year facility by a further 12 months. All the facilities are revolving in nature and were issued by Mercuria Energy Trading Pte. Ltd. and Mercuria Asia Group Holdings Pte. Ltd. Mercuria will use the Facilities to refinance the Group’s maturing syndicated revolving credit facilities, as well as for general corporate and working capital purposes.

The new Facilities were launched on 9 September 2019 with bank meetings held in Taipei, Middle East  and Singapore. Following strong global demand from a range of international banks across continents, the new RCF received overwhelming responses with oversubscription by more than 50 percent above the initial launch amount, with Mercuria choosing to scale back on lender commitments.

“This year’s refinancing demonstrates the continued strong support from both new and existing banking partners. Thirty-seven geographically diverse banks committed to these Facilities, including a large group of top-level BMLAs. We are pleased to announce that we have seven new banks participating in our Asian facilities.”, said Bin Wang, Mercuria’s Chief Financial Officer for Asia.

Guillaume Vermersch, Group Chief Financial Officer, added “The lenders in our banking group recognize Mercuria’s operating strategy and are confident in our business model. As the Group has grown, it has strengthened its business model through geographic and sectorial diversification. Its growth has been both organic and through the acquisition and integration of global companies, including the most recent bunkering and shipping firm, Aegean Marine Petroleum.  We have also invested and incorporated our blockchain and technology companies in Singapore. With our ever increasing footprint in Asia, we look forward to deepening the working relationship with these financing partners.”

 

The following banks joined the BMLAs and Taiwan Coordinator MLA in the new and extended Facilities:

Mandated Lead Arrangers

Arab Petroleum Investments Corporation  

 

Lead Arrangers

Banco Do Brasil Corporate Banking Europe

Westpac Banking Corporation, Singapore Branch

Credit Agricole Corporate and Investment Bank, Singapore Branch

Indian Bank, Singapore

National Australia Bank Limited

UniCredit Bank AG, Singapore Branch

 

Arrangers

China CITIC Bank International Limited, Singapore Branch

Commerzbank AG, Singapore Branch

Natixis Singapore Branch

Sumitomo Mitsui Trust Bank, Limited, Singapore Branch

The Korea Development Bank, Singapore Branch

The Korea Development Bank, Tokyo Branch

UBS AG, Singapore Branch

 

Co-Arrangers

Shanghai Pudong Development Bank Co., Ltd. Singapore Branch

ABN AMRO Bank N.V., Singapore Branch

Abu Dhabi Commercial Bank PJSC

AfrAsia Bank Limited

China Merchants Bank Co. Ltd, Singapore Branch

Lloyds Bank Corporate Markets plc, Singapore Branch

National Bank of Fujairah PJSC

Taichung Commercial Bank Co., Ltd., Offshore Banking Branch

Taiwan Cooperative Bank, Offshore Banking Branch

United Overseas Bank Limited

Bank of Panhsin

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