Narrative
Full Description
Project narrative
On November 17, 2021, a group of 31 banks -- including Bank of China, ICBC and China CITIC Bank International -- signed an agreement to provide a USD 1.3 billion multi-tranche syndicated lending facility to Mercuria Energy Trading Pte. Ltd., Mercuria Asia Group Holdings Pte. Ltd., and Mercuria Asia Resources Pte. Ltd., subsidiaries of Mercuria, a Cypriot-domiciled global commodities trader. Proceeds from the facility will be used to refinance Mercuria's existing debts, along with 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 facility, and a three-year revolving credit facility. Other lending details, including the size of each tranche, are unknown. This loan refinances and replaces the 2020 loan (Record ID#99291). Bank of China's contribution is captured via Record ID#99299. ICBC's contribution is captured via Record ID#99300. China CITIC Bank International's contribution is captured via Record ID#99301. A total of 31 banks joined the lending syndicate. APICORP, Bank of China, Rabobank, DBS Bank, Emirates NBD Capital, Emirates NBD Bank, ICBC, ING Bank N.V., Mizuho Bank, MUFG Bank, OCBC, SocGen, and SMBC joined as bookrunning mandated lead arrangers. Abu Dhabi Commercial Bank, Indian Bank, and National Australia Bank served as mandated lead arrangers. Banco do Brasil, CA-CIB, and Westpac joined as lead arrangers. China CITIC Bank International, Commerzbank, Lloyd Bank Corporate Markets, Natixis, SMTB, UBS AG, and UOB served as arrangers. AfrAsia Bank, Chang Hwa Commercial Bank, National Bank of Fujairah, Taichung Commercial Bank, Taiwan Cooperative Bank, and Bank of Panhsin served as co-arrangers.
Staff comments
1. AidData is unable to ascertain individual contributions to the facility by each member of the syndicate, therefore equal contributions from each lender have been assumed. Similarly, due to a lack of information about which tranches each bank contributed to, this unified project record has been created using the average of the maturities across the three tranches.