Global commodities trader Mercuria has closed US$1.3bn-worth of revolving credit facilities (RCFs), drawing in support from a group of 31 lenders.

The agreement is comprised of a one-year facility with an offshore Chinese renminbi option, a one-year swing facility, and a three-year RCF. Financing will be used for general corporate and working capital purposes, as well as to refinance maturing syndicated facilities.

The facilities are being issued to Mercuria Energy Trading, Mercuria Asia Group and Mercuria Asia Resources.

Initially launched in mid-September, the trader says the agreement was ultimately oversubscribed by more than 65% following “strong global demand” from international banks.

Arab Petroleum Investments Corporation, Bank of China, Rabobank, DBS, Emirates NBD, Industrial and Commercial Bank of China, ING, Mizuho, MUFG, Oversea-Chinese Banking Corporation, Société Générale and SMBC are serving as bookrunning mandated lead arrangers (MLAs).

More than a dozen banks joined at the general syndication stage, including Abu Dhabi Commercial Bank, Indian Bank and National Australia Bank as MLAs.

Banco do Brasil, Crédit Agricole CIB and Westpac Banking Corporation serve as lead arrangers. China CITIC Bank, Commerzbank, Lloyds Bank, Natixis, Sumitomo Mitsui Trust Bank, UBS and UOB join as arrangers.

Also participating as co-arrangers are AfrAsia Bank, Chang Hwa Commercial Bank, National Bank of Fujairah, Taichung Commercial Bank, Taiwan Cooperative Bank and Bank of Panhsin.

“We are very pleased with the strong outcome of oversubscription and 31 banks committing to these facilities,” says Bin Wang, Mercuria’s CFO for Asia.

“Our business model has enabled us to take measured opportunities and provide further profitable growth with robust risk management in place,” says Guillaume Vermersch, Mercuria’s group CFO.

“Turnover continued to be diversified across the group’s core energy and metal products segments, out-performing in an environment of unprecedented volatility in prices. We are committed to growth in Asia and have recently bolstered our existing talent pool. In addition, we have also introduced LPG [liquid petroleum gas] and emissions trading here,” he adds.

The deal follows the signing of a US$2.2bn RCF agreement for Mercuria’s North America operations earlier this month. The company said that due to demand from the banking sector, it was able to increase the size of that facility by US$500mn.