Narrative
Full Description
Project narrative
On November 17, 2015, a group of 27 banks — including Bank of China and ICBC — signed an agreement to provide a USD 1.1 billion multi-tranche syndicated revolving credit facility to Mercuria Energy Trading Pte. Ltd. and Mercuria Asia Group Holdings Pte. Ltd., subsidiaries of the Cypriot-domiciled company Mercuria, a global commodities trader. Proceeds from the facility will be used to refinance the company's 2014 facilities, alongside working capital and general corporate purposes. The facility has three tranches: a USD 515 million, 364-day RCF with a RMB option, a USD 200 million, 364-day swingline facility that is revolving in nature, and a USD 385 million, 3-year RCF. This loan replaces and refinances the facility in 2013 (Record ID#99235). Other lending details are unknown. Bank of China's contribution is captured via Record ID#99239. ICBC's contribution is captured via Record ID#99240. A total of 27 banks contributed to the facility. ANZ Group, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Emirates NBD Capital, First Gulf Bank PJSC, ICBC, ING Bank, Mizuho Bank, Societe Generale Corporate & Investment Banking, SMBC, and UOB served as bookrunning mandated lead arrangers. Bank of China and Rabobank served as mandated lead arrangers. OCBC, Banco do Brasil, and Westpac served as lead arrangers. Commonwealth Bank of Australia, CTBC Bank, Sumitomo Mitsui Trust Bank, and UBS served as arrangers. Hang Seng Bank, Bank of East Asia, BRED Banque Populaire, Raiffeisen Bank International, Bank of Panhsin, UBAF, and Zenith Bank (UK) served as co-arrangers.
Staff comments
1. AidData is unable to ascertain the individual contributions made to the facility by each member of the syndicate, therefore equal contributions have been assumed. Similarly, in the absence of information on which tranches banks contributed to, this single project record has been created using the average of the maturities of each tranche. 2. While there is an RMB option on one of the three tranches, there is no information on whether that option was used, or the RMB value, therefore this record has been created using only USD.