(EnergyAsia December 13 2011, Tuesday) — Singapore-based Mercuria Energy Trading Pte Ltd said it received “overwhelming” response in securing a US$755 million revolving credit facility with 29 international banks syndicated for one and three-year terms.
The facility, launched at US$480 million, closed oversubscribed and was upsized to US$755 million. The company said it plans to use the proceeds to refinance existing debt and finance general corporate and working capital requirements.
The mandated nine lead arrangers were BNP Paribas, DBS Bank Ltd, HSBS, ICBC London plc, ING Bank NV, Societe Generale Corporate & Investment Banking, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
The other 21 participating banks include: Rabobank International, The Royal Bank of Scotland plc and RBS (Deutschland) AG, First Gulf Bank PJSC, Indian Overseas Bank, Qatar National Bank SAQ, Singapore’s UOB, ANZ Banking Group, The Bank of Tokyo-Mitsubishi UFJ, Limited, British Arab Commercial Bank plc, Chinatrust Commercial Bank Co Ltd, Citibank, Raiffeisen Bank International AG, The Bank of East Asia, Zenith Bank (UK) Ltd, Banco do Brasil, Bank of Taiwan, Hang Seng Bank Limited, Krung Thai Bank Public Company, Mega International Commercial Bank Co Ltd, PT Bank Negara Indonesia Tbk and Union de Banques Arabes et Francaises.
Mercuria Energy Group chief financial officer Guillaume Vermersch said:
“Our Singapore regional hub Mercuria Energy Trading Pte Ltd has successfully closed its third fund raising exercise in Asia for a final amount of US$755 million. The facility has been largely oversubscribed (1.6 times) attracting more and more Asian banks.
“We believe that the resilience of the Mercuria Energy business model having already crossed with success several adverse economic cycles, strongly driven by its risk management focus, is valued by the Asian banking community. The group will keep on growing and investing in Asia with the support of the local banks.”
Mercuria Energy Trading Pte Ltd, incorporated in Singapore in 2004 and wholly owned by Mercuria Energy Group Ltd, is the regional headquarters for principal trading and providing key marketing support and services for the group. Mercuria Energy trades crude oil, petroleum products, coal and dry freight, and also provides storage, blending, transport and distribution services.