MERCURIA signs a USD 500 million syndicated revolving credit facility in Asia
Geneva (ots)
Highlights
- Revolving Credit Facility amounts to USD 500 Million
- Commitment of twenty-five international banks
- Asian RCF is an important part of Mercuria long term growth strategy
Mercuria Energy Trading PTE LTD (The "Company")
USD500 Million syndicated revolving credit facilities (The "Facilities")
A USD500 Million 1 & 3 year syndicated revolving credit facility for Mercuria Energy Trading Pte Ltd was signed yesterday with overwhelming support from twenty-five international banks. The facility, which was launched at USD330 Million, closed oversubscribed with the final facility amount being upsized and scaled back to USD500 Million.
The Company mandated BNP Paribas, ICBC (London) Limited, ING Bank N.V., Société Générale Corporate & Investment Banking, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation (each a "Mandated Lead Arranger and Bookrunner" or "MLAB" and together the "MLABs") for this transaction. Proceeds of the Facility are to be used to refinance existing debt and to finance working capital requirements of the Company. The revolving credit facilities have a tenor of one and three year.
Mercuria Energy Group's Chief Financial Officer Guillaume Vermersch said: "This renewed and increased facility is a great achievement for Mercuria in Asia. The continuous support brought by the Asian banking community evidences the banks' trust, understanding and confidence in the regional strictly risk managed business model successfully developed by Mercuria in Asia. This Asian RCF is an instrumental support to Mercuria's long term growth strategy."
The nineteen other participating banks in the transaction include: Bank of Ayudhya Public Company Limited, Bank of Baroda, The Hongkong and Shanghai Banking Corporation Limited, Indian Overseas Bank, United Overseas Bank Limited, Australia and New Zealand Banking Group Limited, Arab Petroleum Investments Corporation, Rabobank International Singapore Branch, Chinatrust Commercial Bank Co., Ltd, Singapore Branch, DBS Bank Ltd, Indian Bank, P.T. Bank Negara Indonesia (Persero) Tbk, Singapore Branch, Qatar National Bank SAQ, Singapore Branch, Raiffeisen Bank International AG, Singapore Branch, The Royal Bank of Scotland N.V., Singapore Branch, PT Bank Mandiri (Persero) Tbk, Singapore Branch, The Bank of East Asia, Limited, Singapore Branch, The Bank of Tokyo-Mitsubishi UFJ, Limited, Singapore Branch and Union de Banques Arabes et Francaises (UBAF).
Mercuria Energy Trading Pte Ltd, a wholly owned Singapore subsidiary (incorporated in 2004) of Mercuria Energy Group Ltd, is engaged in the trading and supply of crude oil and refined products. It also provides storage, blending, transport and distribution services. Currently, Mercuria in Asia has more than 100 staff headcount as well as offices in Singapore, Beijing (China), Dubai (Emirates), Jakarta (Indonesia) and Mumbai (India). The Company also has an existing joint venture arrangement with a local marketing company in Bangkok (Thailand). The Mercuria Group is active in a wide spectrum of global energy markets including biodiesel and vegetable oil, natural gas (LNG), power, coal and carbon emissions.
Contact:
Mercuria Energy Trading Pte Ltd
Ms Jennifer Chan
Chief Financial Officer, Asia Pacific
BNP Paribas
Mr Flavian Sim
Loan Syndication, South East Asia & India
Mr Guillaume Vermersch
Mercuria Group Chief Financial Officer