A group of 38 banks joined with Mercuria Energy Group, the global energy and commodities group, for a US$1 billion Asia credit facility.
The banks included ANZ Group, The Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Emirates NBD Capital, First Gulf Bank PJSC, Singapore branch, Industrial and Commercial Bank of China, ING Bank, The Royal Bank of Scotland, Société Générale Corporate & Investment Banking and Sumitomo Mitsui Banking Corporation acting as mandated lead arrangers and bookrunners.
The facilities are comprised of a new US$622 million 364-day tranche with swingline and offshore Chinese renminbi (CNH) options and a US$378 million three-year revolving tranche. The facilities were issued for Mercuria Energy Trading and Mercuria Asia Group Holdings.
Mercuria will use the facilities for general corporate purposes and to refinance the group's maturing US$530 million 364-day and US$470 million three-year revolving credit facilities dated November 30 2013 .
The new facilities were launched on September 17 with bank meetings held in Dubai, Shanghai, Taipei and Singapore, and were significantly oversubscribed, more than 60% above the initial launch amount.
"We are very pleased with the strong outcome of oversubscription and 38 banks committing to these facility," said Guillaume Vermersch, chief financial officer of Mercuria. "The number of new geographically diverse banks, and a broader group of top-level bookrunner mandated lead arranger and mandated lead arranger banks demonstrates the strength of the syndicate and continued confidence of our financing partners in Mercuria's business model, as well as the robust appeal of the facilities. We look forward to continuing to work closely with our banking group."