Narrative
Full Description
Project narrative
On June 29, 2018, a group of 40 banks -- including Bank of China, ICBC, Agricultural Bank of China's London and Frankfurt branches, and China Construction Bank -- signed an agreement to provide a USD 2.4 billion multi-tranche syndicated revolving credit facility to Mercuria Energy Trading S.A., a subsidiary of the Cypriot-domiciled global commodities trader Mercuria. Proceeds from the facility will be used for general corporate purposes and working capital. The facilities consist of three tranches: a 1-year RCF and a 1-year RCF/swingline facility, and a 3-year RCF. All three include two 12-month extension options. This loan refinances and replaces the 2017 loan (Record ID#99248).s BOC's contribution is captured via Record ID #99253. ICBC's contribution is captured via Record ID #99254. ABC London and Frankfurt Branch contributuons are captured via Records ID #99255 and #109975. CCB's contribution is captured via Record ID #99256. ABN Amro, Rabobank, Crédit Agricole, Credit Suisse, ICBC, ING, Mizuho, NatWest, Natixis, Société Générale, SMBC and UniCredit served as bookrunning mandated lead arrangers. Bank of America Merrill Lynch, Bank of China, DBS Bank, DZ Bank, Emirates NBD, First Abu Dhabi Bank and UBS served as mandated lead arrangers. Agricultural Bank of China, China Construction Bank, Commonwealth Bank of Australia and MUFG served as lead arrangers. Absa Bank, Banco do Brasil, CaixaBank, Commerzbank, Erste Bank, Lloyds Bank, KfW Ipex, Nedbank, Raiffeisen Bank, Sumitomo Mitsui Trust Bank and Zürcher Kantonalbank served as co-arrangers. Banque Cantonale de Geneve, Banque Cantonale Vaudoise, Hua Nan Commercial Bank, UBAF, and First Commercial Bank joined as participants.
Staff comments
1. AidData is unable to ascertain the individual contributions made to the facility by each member of the syndicate, therefore equal contributions from each lender have been assumed. Similarly, due to a lack of information on the breakdown of the three tranches, the average of the three maturities has been used in the creation of this project record. 2. For the purposes of the equal contribution assumption, Agricultural Bank of China's London and Frankfurt branches are each treated as individual banks, meaning that ABC's assumed contribution will be the equivalent of two banks.