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Overview

Bank of China contributes to USD 1 billion multi-tranche syndicated revolving credit facility to Mercuria Energy Trading Pte Ltd and Mercuria Asia Group Holdings Pte Ltd for debt refinancing and working capital purposes in 2013 (linked to Record ID#99236)

Commitments (Constant USD, 2023)$21,999,389
Commitment Year•2013Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 26, 2013
Last repayment (originally scheduled)
Jul 27, 2015

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • BNP Paribas S.A.
  • Coöperatieve Rabobank U.A. (Rabobank)
  • DBS Bank Ltd.
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • ING Bank N.V.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Royal Bank of Scotland
  • Société Générale Corporate and Investment Banking (SGCIB)
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Emirates NBD Bank P.J.S.C.
  • First Gulf Bank (FGB)

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • Mercuria Asia Group Holdings Pte. Ltd.
  • Mercuria Energy Trading Pte. Ltd.

Guarantors

Private Sector

  • Mercuria Energy Group Ltd.

Loan description

Mercuria Energy Trading Pte Ltd 2013 USD 1 Billion RCF

Interest type•UnknownMaturity•1.667 years

Narrative

Full Description

Project narrative

On November 26, 2013, a group of 47 banks — including Bank of China and ICBC — signed a USD 1 billion multi-tranche syndicated revolving credit facility agreement with Mercuria Energy Trading Pte Ltd and Mercuria Asia Group Holdings Pte Ltd., two Singaporean wholly-owned subsidiaries of Swiss-based Cyprus incorporated Mercuria Energy Group. Proceeds from the facility will be used for debt refinancing and working capital requirements of both borrowers. The facility consists of three tranches: a USD 430 million, one-year revolving credit facility, a USD 100 million, one-year multicurrency revolving credit facility (allowing drawdowns in USD and RMB), and a USD 470 million three-year revolving credit facility. This loan replaces and refinances the 2012 facility (Record ID#99206). The facility is guaranteed by Mercuria Energy Group Ltd. Bank of China's contribution is captured via Record ID#99235. ICBC's contribution is captured via Record ID#99236. A total of 47 banks participated in the facility. 14 banks served as mandated lead arrangers and bookrunners: Australia and New Zealand Banking Group Limited, Bank of China Ltd, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Singapore Branch, BNP Paribas, DBS Bank Ltd., Emirates NBD PJSC, Singapore Branch, First Gulf Bank PJSC, Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited, Industrial and Commercial Bank of China Ltd, ING Bank N.V., Rabobank International, The Royal Bank of Scotland plc, Société Générale Corporate & Investment Banking, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.

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 an absence of information about where all banks contributed to each tranche, AidData has created one project record using the average of the three maturities. 2. Though the multicurrency tranche is denominated in both USD and RMB, Mercuria has only given a value in USD, hence why AidData has recorded the value of this facility solely in USD.