Investor Alert

press release

Nov. 25, 2019, 12:41 p.m. EST

Mercuria Successfully Closes Oversubscribed Revolving Credit Facility Of US$ 1,200,000,000 In Financing For Its Asian Business

SINGAPORE, Nov. 25, 2019 /PRNewswire/ -- Mercuria Energy Group Ltd. ("Mercuria" or the "Group"), the global energy and commodities group is pleased to announce the successful signing of US$ 1.2 billion credit facilities (the "Facilities") that was joined by a group of 37 banks.

The Facilities were arranged by Australia and New Zealand Banking Group Limited, Bank of China, Singapore Branch, Coöperatieve Rabobank U.A. Singapore Branch, DBS Bank Ltd., Emirates NBD Capital Limited, Industrial and Commercial Bank of China Limited, London Branch, ING Bank N.V. Singapore Branch, Mizuho Bank, Ltd., MUFG Bank, Ltd., Oversea-Chinese Banking Corporation Limited, Société Générale, Singapore Branch, and Sumitomo Mitsui Banking Corporation Singapore Branch, acting as Bookrunning Mandated Lead Arrangers ("BMLAs"). CTBC Bank Co., Ltd joined the Facilities prior to launch of general syndication as the Taiwan Coordinator Mandated Lead Arranger ("Taiwan Coordinator MLA").

The Facilities, signed on 15 November 2019, are for a total of US$ 1.2 billion and include a 1 year facility (with an Offshore Chinese Renminbi option), a 1 year swingline facility, and a 3 year facility, as well as an extension of the 2018 3 year facility by a further 12 months. All the facilities are revolving in nature and were issued by Mercuria Energy Trading Pte. Ltd. and Mercuria Asia Group Holdings Pte. Ltd. Mercuria will use the Facilities to refinance the Group's maturing syndicated revolving credit facilities, as well as for general corporate and working capital purposes.

The new Facilities were launched on 9 September 2019 with bank meetings held in Taipei, Middle East  and Singapore. Following strong global demand from a range of international banks across continents, the new RCF received overwhelming responses with oversubscription by more than 50 percent above the initial launch amount, with Mercuria choosing to scale back on lender commitments.

"This year's refinancing demonstrates the continued strong support from both new and existing banking partners. Thirty-seven geographically diverse banks committed to these Facilities, including a large group of top-level BMLAs. We are pleased to announce that we have seven new banks participating in our Asian facilities," said Bin Wang, Mercuria's Chief Financial Officer for Asia.

Guillaume Vermersch, Group Chief Financial Officer, added "The lenders in our banking group recognize Mercuria's operating strategy and are confident in our business model. As the Group has grown, it has strengthened its business model through geographic and sectorial diversification. Its growth has been both organic and through the acquisition and integration of global companies, including the most recent bunkering and shipping firm, Aegean Marine Petroleum.  We have also invested and incorporated our blockchain and technology companies in Singapore. With our ever increasing footprint in Asia, we look forward to deepening the working relationship with these financing partners."

The following banks joined the BMLAs and Taiwan Coordinator MLA in the new and extended Facilities:

Mandated Lead ArrangersArab Petroleum Investments Corporation  

Lead ArrangersBanco Do Brasil Corporate Banking Europe
Westpac Banking Corporation, Singapore Branch
Credit Agricole Corporate and Investment Bank, Singapore Branch
Indian Bank, Singapore
National Australia Bank Limited
UniCredit Bank AG, Singapore Branch

ArrangersChina CITIC Bank International Limited, Singapore Branch
Commerzbank AG, Singapore Branch
Natixis Singapore Branch
Sumitomo Mitsui Trust Bank, Limited, Singapore Branch
The Korea Development Bank, Singapore Branch
The Korea Development Bank, Tokyo Branch
UBS AG, Singapore Branch

Co-ArrangersShanghai Pudong Development Bank Co., Ltd. Singapore Branch
ABN AMRO Bank N.V., Singapore Branch
Abu Dhabi Commercial Bank PJSC
AfrAsia Bank Limited
China Merchants Bank Co. Ltd, Singapore Branch
Lloyds Bank Corporate Markets plc, Singapore Branch
National Bank of Fujairah PJSC
Taichung Commercial Bank Co., Ltd., Offshore Banking Branch
Taiwan Cooperative Bank, Offshore Banking Branch
United Overseas Bank Limited
Bank of Panhsin

About Mercuria

Established in 2004, Mercuria is one of the world's largest independent energy and commodities trading group. Mercuria supplies products from areas of surplus to areas of need, and optimizes the commodity supply chain for its counterparts.

The Company's operations span five continents and engage more than fifty countries with principal commercial hubs in London, Geneva, Dubai, Singapore, Jakarta, Beijing, Shanghai, Calgary, Houston, and Greenwich (Connecticut). More than 1,200 people operate from offices worldwide to sustain the group's extensive business reach with their market knowledge, diversity, and experience.

The Group, primarily focused on energy, is present all along the commodity value chain with activities forming a balanced combination of commodity flows and strategic assets. Mercuria has developed into a diversified commodity trading business from a strong base in the crude oil sector, it has expanded into a wide spectrum of energy and commodity products, now trading refined oil products, petrochemicals, liquefied petroleum gas, natural gas, power, emission certificates, coal, iron ore, freight, base and precious metals, metal concentrates, and most recently diversifying into liquefied natural gas. Worldwide, their activities range from sourcing, supplying, trading, and financing to investment, logistics, storage and blending.

Website : www.mercuria.com

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