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Mercuria boosts Asian operations with USD 1.2 billion credit facilities

27 Nov 2019

Global energy and commodities group Mercuria Energy Group Ltd. (Mercuria) on Monday (25 November) said its Asian business has secured USD 1.2 billion worth of credit facilities backed by a group of 37 banks.

“This year's refinancing demonstrates the continued strong support from both new and existing banking partners,” said Bin Wang, Mercuria's Chief Financial Officer for Asia.

“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.”

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.”

The Facilities, signed on 15 November 2019, are for a total of US$ 1.2 billion and include a one-year facility (with an Offshore Chinese Renminbi option), a one-year swingline facility, and a three-year facility, as well as an extension of the 2018 three-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 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. 

Related: Aegean Marine Petroleum Network reorganises as Minerva Bunkering

Published: 27 November, 2019

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