Narrative
Full Description
Project narrative
On November 15, 2019, a group of 37 banks -- including Bank of China, ICBC, China CITIC Bank International, Shanghai Pudong Development Bank, and China Merchants Bank -- signed an agreement to provide a USD 1.2 billion multi-tranche syndicated revolving credit facility to Mercuria Energy Trading Pte. Ltd. and Mercuria Asia Group Holdings Pte. Ltd., subsidiaries of Cypriot-domiciled global commodities trader Mercuria. Proceeds from the facility will be used to refinance maturing debt, alongside working capital and general corporate purposes. The facilities have two tranches of new financing: a one-year revolving credit facility, a one-year revolving credit/swingline facility. Lending details, including the size of each tranche and a breakdown of contributions, are unknown. This loan replaces and refinances the loan in 2018. BOC's contribution is captured via Record ID#99286. ICBC's contribution is captured via Record ID#99287. China CITIC Bank International's contribution is captured via Record ID#99288. SPDB's contribution is captured via Record ID#99289, and CMB's contribution is captured via Record ID#99290. A total of 37 banks participated in the syndicate. ANZ, Bank of China, Rabobank, DBS Bank, Emirates NBD Capital, ICBC, ING Bank N.V., Mizuho Bank, MUFG Bank, OCBC, SocGen, and SMBC served as mandated lead arrangers and bookrunners. CTBC Bank joined as the Taiwan Coordinator mandated lead arranger. APICORP joined as a mandated lead arranger. Banco do Brasil, Westpac, CA-CIB, Indian Bank, National Australia Bank, and UniCredit Bank served as lead arrangers. China CITIC Bank International, Commerzbank AG, Natixis, SMTB, Korea Development Bank's Singapore and Tokyo branches, and UBS AG served as arrangers. Shanghai Pudong Development Bank, ABN AMRO Bank N.V., Abu Dhabi Commercial Bank, AfrAsia Bank, China Merchants Bank, Lloyds Bank Corporate Markets, National Bank of Fujairah, Taichung Commercial Bank Co., Taiwan Cooperative Bank, UOB, and Bank of Panhsin joined as co-arrangers.
Staff comments
1. AidData is unable to ascertain the individual contributions made by each lender to the facility, therefore equal contributions from each bank have been assumed. Similarly, the average of the two tranches has been used in the creation of this project record, given the lack of available information on whether all banks contributed to all tranches.