Mercuria Energy Group

Mercuria Energy Group

December 08, 2011 03:03 ET

Mercuria Energy Group Ltd Signs a USD755 Million Syndicated Revolving Credit Facility in Asia

SINGAPORE, SINGAPORE--(Marketwire - Dec. 8, 2011) -

Highlights

  • The Revolving Credit Facility ("RCF") amounts to USD755 Million.
  • The transaction received commitments from 29 international banks.
  • This Asian RCF is important to Mercuria Energy Group's long term growth strategy

MERCURIA ENERGY TRADING PTE LTD (THE "COMPANY")

USD755 MILLION SYNDICATED REVOLVING CREDIT FACILITY (THE "FACILITY")

A USD755 Million 1 & 3-year syndicated revolving credit facility for Mercuria Energy Trading Pte Ltd was signed yesterday with overwhelming support from 29 international banks. The Facility, which was launched at USD480 Million, closed oversubscribed and was upsized to USD755 Million.

The Company mandated BNP Paribas, DBS Bank Ltd., The Hongkong and Shanghai Banking Corporation Limited, ICBC London plc, ING Bank N.V., Singapore Branch, Société Générale Corporate & Investment Banking, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation (the "Bookrunning Mandated Lead Arrangers") for this transaction. Proceeds of the Facility will be used to refinance existing debt and to finance general corporate and working capital requirements of the Company. The Facility has tenors of one and three years.

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 USD 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."

The 21 participating banks joining the Bookrunning Mandated Lead Arrangers in the transaction include: Rabobank International, The Royal Bank of Scotland plc and RBS (Deutschland) AG, First Gulf Bank PJSC, Singapore Branch, Indian Overseas Bank, Singapore Branch, Qatar National Bank SAQ, Singapore Branch, United Overseas Bank Limited, Australia and New Zealand Banking Group Limited, The Bank of Tokyo-Mitsubishi UFJ, Limited, Singapore Branch, British Arab Commercial Bank plc, Chinatrust Commercial Bank Co., Ltd, Singapore Branch, Citibank N.A., Singapore Branch, Raiffeisen Bank International AG, Singapore Branch, The Bank of East Asia, Limited, Singapore Branch, Zenith Bank (UK) Ltd., Banco do Brasil, Bank of Taiwan, Singapore Branch, Hang Seng Bank Limited, Krung Thai Bank Public Company Limited, Singapore Branch, Mega International Commercial Bank Co., Ltd., Singapore Branch, P.T. Bank Negara Indonesia (Persero) Tbk, Singapore Branch and Union de Banques Arabes et Francaises.

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 to the entire Group. Mercuria Energy is trading a diversified base of crude oil, petroleum products, coal and dry freight. It also provides storage, blending, transport and distribution services. Currently, the Company has more than 160 staff headcount as well as offices in Singapore, Beijing (China), Dubai (Emirates), Jakarta (Indonesia) and Mumbai (India). The Company also has a joint venture arrangement with a local marketing company in Bangkok (Thailand).

Mercuria Energy Group is a privately-owned international group of companies active over a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas (including LNG), power, coal, biodiesel, vegetable oils and carbon emissions. It is one of the world's five largest independent energy traders and has a longstanding sector expertise.

Today Mercuria's worldwide operations are carried out from 28 offices across five continents.

Based in Geneva, the Group expects a turnover of around USD70 Billion this year.

Contact Information

  • Media Contacts:
    Mercuria Energy Trading Pte Ltd
    Ms Jennifer Chan
    Chief Financial Officer, Asia Pacific
    +65 6416 2700

    Mercuria Energy Trading Pte Ltd
    Mr Guillaume Vermersch
    Mercuria Energy Group Chief Financial Officer
    +41 22 595 8601

    Standard Chartered Bank
    (Publicity bank on behalf of the BMLAs)
    Mr Cedric Chaudron
    +65 6596 8441