Narrative
Full Description
Project narrative
On June 19, 2019, a group of 41 banks -- including Bank of China, the London and Zurich branches of ICBC, China Construction Bank, and the London and Frankfurt branches of Agricultural Bank of China -- signed an agreement to provide a USD 2.25 billion multi-tranche syndicated revolving credit facility to Mercuria Energy Trading S.A., a subsidiary of Mercuria, a Cypriot-domiciled global commodities trader. Proceeds from the facility will be used for working capital and general corporate purposes. The facility is comprised of three tranches: a one-year multicurrency revolving credit facility, a one-year multicurrency revolving credit/swingline facility, each with two twelve-month extension options and two three-year revolving credit facilities, one of which contains one twelve-month extension option. Other lending details, including the values of each individual tranche, are unknown. This loan refinances and replaces the loan in 2018 (Linked to Record ID#99254) BOC's contribution is captured via Record ID #99282. ICBC's London and Zurich Branch contributions are captured via Records ID #99283 and #109993. CCB's contribution is captured via Record ID #99284. ABC's London and Frankfurt Branch contributions are captured via Records ID #99285 and #109994. ABN AMRO Bank, Rabobank, CA-CIB, Credit Suisse, ICBC London Branch, ING Bank, Mizuho Bank, NatWest, Natixis, SG-CIB, SMBC, and UniCredit Bank served as mandated lead arrangers and bookrunners. Bank of America Merrill Lynch, Bank of China, Commerzbank, China Construction Bank, DBS Bank, DZ Bank AG, Emirates NBD PJSC, First Abu Dhabi Bank, and UBS AG served as mandated lead arrangers. Agricultural Bank of China's London and Frankfurt branches, along with MUFG Bank, served as lead arrangers. Banco do Brasil, KfW IPEX-Bank, and Nedbank served as arrangers. CaixaBank, Erste Group Bank, Lloyds Bank, Raiffeisen Bank, and SMTB served as co-arrangers. Absa Bank, Bank of Taiwan, Banque Cantonale de Geneve, Banque Cantonale Vaudoise, First Commercial Bank, Hua Nan Commercial Bank, ICBC's Zurich branch, National Bank of Ras Al-Khaiman, and Zurcher Kantonalbank 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. For the purposes of this assumption, each branch of ICBC and ABC that contributed counts as a unique bank. 2. Given a lack of information around which banks contributed to which tranche, AidData has created a single project record for each lender, using the average of the four maturities.