Mercuria has upsized its North American borrowing base facility for another year, closing a US$4bn deal with a pool of 23 lenders.
The commodity trader said it saw “strong lender appetite” for the one-year secured deal, resulting in an oversubscribed package that it pared back to the US$4bn mark.
Crédit Agricole, ING Capital, Mizuho, MUFG, Natixis, Rabobank, Société Générale, SMBC and Wells Fargo are the joint mandated lead arrangers and joint bookrunners, Swiss-headquartered Mercuria said in a statement.
Société Générale is the administrative and collateral agent. Mercuria did not name the other banks participating in the facility.
The proceeds will go toward general corporate purposes and working capital optimisation, Mercuria said.
“The successful refinancing of our North American borrowing base strengthens the group’s liquidity and flexibility as we expand our commodities’ footprint and pursue our energy transition goals,” said Mercuria group chief financial officer Guillaume Vermersch.
Bin Wang, the trader’s chief financial officer in North America, said the “continued depth of our banking partnerships and facility strength reflects our commitment to our regional strengths and disciplined growth”.
Last year Mercuria raised US$3.4bn in debt through the facility, topping a US$3bn deal signed in 2023.
As with many of its rivals, Mercuria has raked in record profits since the disruption of the Covid-19 pandemic and Russia’s 2022 invasion of Ukraine, which upended energy and metals trading markets.
The privately held firm made a US$2.09bn profit in the year ending September 2024, according to Bloomberg.
