Mercuria wins oversubscribed revolver

Energy trader Mercuria has won an oversubscribed US$1.25bn revolving credit facility.

The revolver, which was originally launched at US$900mn, will be used to refinance a US$685mn facility which was signed in May 2009 and matured in July 2010.

The new facility is split into two tranches; a US$1.105bn 364-day A tranche and a US$145mn three-year B tranche.

Over 30 banks were involved in the general syndication, with nine acting as mandated lead arrangers including BNP Paribas, Credit Agricole CIB, Fortis Bank Nederland, ING, Natixis, Rabobank, RBS, Société Générale CIB and Standard Chartered.

Guillaume Vermersch, chief financial officer at Mercuria Energy Group, comments on the enthusiasm shown for the facility: “The success of this transaction is supported by the growing diversified business model strategically deployed by Mercuria Energy Group over the last six years.

“During 2009, we demonstrated continuing volume and profitability growth, a substantial commitment to the coal business and our Vesta terminal operations, expanded our global trading platform and deepened our capital base. We are very pleased with our bank syndicate’s support which has delivered an oversubscribed deal.”