Mercuria Energy closes $2.18 billion multicurrency revolvers

By Marisa Wong

Los Angeles, June 24 – Mercuria Energy Trading SA announced it closed $2,177,500,000 of multicurrency revolving credit facilities, according to a Friday press release.

Bank of China Ltd., London Branch, Cooperatieve Rabobank UA, Credit Agricole CIB, Credit Suisse (Switzerland) Ltd., Emirates NBD Bank (PJSC) London Branch, Industrial Commercial Bank of China Ltd., London Branch, ING Bank NV, Mizuho Bank, Ltd., Natixis, Societe Generale, Sumitomo Mitsui Banking Corp., UBS Switzerland AG and UniCredit Bank AG acted as bookrunning mandated lead arrangers. D.Z. Bank AG joined as mandated lead arranger.

The one-year facilities were launched at $1.3 billion on April 19, and a bank webinar was held on April 21. The first one-year extension option of the $510 million three-year revolver from the 2021 European revolver 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 $2,177,500,000 in aggregate.

The facilities comprise a one-year multicurrency revolver, a one-year multicurrency revolving credit/swingline/OBSI facility and the extended three-year revolver with one one-year extension option available. The one-year multicurrency revolvers 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,” chief financial officer Guillaume Vermersch said in the release.

Joining the bookrunning mandated lead arrangers and mandated lead arrangers in general syndication, Agricultural Bank of China Ltd., London Branch, China Construction Bank Corporation, Beijing, Swiss Branch Zurich, Commerzbank AG London Branch, D.B.S. Bank Ltd, London Branch, Erste Group Bank AG, London Branch, First Abu Dhabi Bank (PJSC), MUFG Bank, Ltd. and Raiffeisen Bank International AG acted as lead arrangers.

Arrangers were Bank ABC, Bank of Taiwan, Caixabank SA, Lloyds Bank plc, National Bank of Ras Al-Kaimah, Sumitomo Mitsui Trust Bank, Ltd. (London Branch) and Zuercher Kantonalbank.

Bankinter, Banque Cantonale Vaudoise, First Commercial Bank, Ltd. and Nedbank were co-arrangers.

Afrasia, Banque Cantonale de Geneve and Garanti Bank were other participants.

Mercuria is a Geneva-based commodity trading company active in a spectrum of global energy markets.

© 2015 Prospect News.
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