Global commodities trader Mercuria has closed three revolving credit facilities (RCFs) worth a total of US$2.4bn.
Mercuria chose to scale back its lending commitments after an initial launch at US$2.1bn on April 23 led to a 33% oversubscription.
40 banks joined the syndicate, which renews previous facilities. The facilities comprise a one-year multi-currency RCF and a one-year multi-currency swingline facility, both of which launched at US$1.7bn, as well as a three-year RCF totalling US$400mn. All three include two 12-month extension options. The funds will be used for general corporate purposes and working capital.
The syndicate’s bookrunning mandated lead arrangers (MLAs) are: ABN Amro, Rabobank, Crédit Agricole, Credit Suisse, Industrial Commercial Bank of China’s London branch, ING, Mizuho, NatWest, Natixis, Société Générale, SMBC and UniCredit.
Banks joining as MLAs are: Bank of America Merrill Lynch, Bank of China, DBS Bank, DZ Bank, Emirates NBD, First Abu Dhabi Bank and UBS.
Furthermore, Agricultural Bank of China, China Construction Bank, Commonwealth Bank of Australia and MUFG are lead arrangers.
The deal’s co-arrangers are Absa Bank, Banco do Brasil, CaixaBank, Commerzbank, Erste Bank, Lloyds Bank, KfW Ipex, Nedbank, Raiffeisen Bank, Sumitomo Mitsui Trust Bank and Zürcher Kantonalbank.
The remaining participants are: Banque Cantonale’s Geneve and Vaudoise branches, Hua Nan Commercial Bank, Union de Banques Arabes et Françaises and First Commercial Bank.
In June last year, Mercuria closed similar facilities worth US$2bn which were initially launched at US$1.8bn with 39 lenders and oversubscribed by around 45%.