Narrative
Full Description
Project narrative
On December 14, 2010, a syndicate of banks — including ICBC — reached financial close on a USD 500 million syndicated multi-tranche revolving credit facility with Mercuria Energy Trading, a Singaporean-based wholly owned subsidiary owned by Swiss-based company Mercuria Energy Group Ltd. Proceeds from the facility are to be used to refinance a USD 281 million revolver signed in January 2010 (captured via Record ID#99198), general corporate purposes, and working capital requirements. The facility is comprised of two tranches: a USD 389 million one-year tranche and a USD 111 million three-year tranche. Additionally, the facility is guaranteed by Mercuria Energy Group. Other lending details are unknown. BNP Paribas, ICBC, ING Bank, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation all served as bookrunners, contributing USD 44.5 million each. Bank of Ayudhya, Bank of Baroda, HSBC, and United Overseas Bank served as lead arrangers, contributing USD 19.5 million each. Arrangers included Indian Overseas Bank at USD 20 million, and ANZ, Arab Petroleum Investment, and Rabobank International at USD 15 million each. Bank Negara Indonesia, Chinatrust Commercial Bank, DBS Bank, Indian Bank, Qatar National Bank, Raiffeisen Bank International, and Royal Bank International each contributed USD 10 million. Bank Mandiri, Bank of East Asia, Bank of Tokyo-Mitsubishi-UFJ, and Union de Banques Arabes et Francaises contributed USD 5 million each.
Staff comments
1. AidData is unable to ascertain the individual contributions made to each tranche by each member of the syndicate, therefore a single project record has been created for the entire facility using the average maturity of the two tranches.