ICBC contributes to USD 2.1 billion multi-tranche syndicated revolving credit facility to Mercuria Energy Trading S.A. for working capital and general corporate purposes in 2021 (linked to Record ID#99294, #99297, #99298)

Project narrative

On June 24, 2021, a group of 39 banks -- including Bank of China, ICBC, Agricultural Bank of China, and China Construction Bank -- reached financial close on a deal to provide a USD 2.1 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 revolving credit facility, a one-year revolving credit/swingline/OBSI facility, and a three-year revolving credit facility. All three RCFs include two one-year extension options. Other lending details, including the sizes of each tranche, are unknown. This loan replaces the refinances the loan in 2019 (Record ID#99283). BOC's contribution is captured via Record ID#99294. ICBC's contribution is captured via Record ID#99296. ABC's contribution is captured via Record ID#99297. CCB's contribution is captured via Record ID#99298. Rabobank, CA-CIB, Credit Suisse, Emirates NBD Bank, ICBC, ING Bank N.V., Mizuho Bank, Natixis, SG-CIB, SMBC, and UniCredit Bank served as bookrunning mandated lead arrangers. Bank of China, DZ Bank, and UBS Switzerland joined as mandated lead arrangers. Agricultural Bank of China, China Construction Bank, Commerzbank, DBS Bank, Erste Group Bank, First Abu Dhabi Bank, KfW IPEX-Bank, MUFG Bank, and Raiffeisen Bank International served as lead arrangers. Banco do Brasil, Bank ABC, Bank of Taiwan, CaixaBank, Lloyds Bank, SMTB, and Zurcher Kantonalbank joined as arrangers. Bankinter, Banque Cantonale de Geneve, Banque Cantonale Vaudoise, First Commercial Bank, National Bank of Ras Al-Khaimah, and Nedbank served as co-arrangers. Abanca, Afrasia, and Garanti Bank joined as participants.