Mercuria has secured over US$5bn in new and renewed financing facilities, including its first funding backed by an export credit agency (ECA).

The global commodities trader, which focuses on energy products, metals and minerals, says it has closed three financing arrangements from a range of global banks.

Among those is a €500mn (US$546mn) multi-currency facility guaranteed by Italy’s ECA Sace, to supply the country with natural gas and LNG.

Guillaume Vermersch, Mercuria’s group chief financial officer, says the deal is the trader’s first ECA-backed transaction and comes after Italy agreed to support a similar financing deal with Mercuria’s rival Trafigura for the supply of metals to the country.

While both are import deals, they were struck under Sace’s Push Strategy, which aims to support Italian suppliers’ access to international markets by targeting large foreign buyers.

Natixis, Société Générale, UBS and UniCredit are mandated lead arrangers on the facility while Abu Dhabi Commercial Bank is lead arranger.

Mercuria also closed a US$3bn multicurrency revolving credit facility (RCF) for its European operations, which it says was launched at US$1.8bn and oversubscribed by 70% before the trader opted to scale back lender commitments to the final figure.

The RCF includes a one-year tranche and a three-year tranche, each with two 12-month extension options. The company says they will be used for working capital and general corporate purposes.

The bookrunning mandated lead arrangers are: Bank of China, Crédit Agricole, Credit Suisse, Emirates NDB, Industrial Commercial Bank of China, ING, Mizuho, Natixis, Rabobank, Société Générale, SMBC, UBS and UniCredit. DZ Bank and First Abu Dhabi Bank joined as mandated lead arrangers.

The RCF is provided by a further 29 banks, primarily from Asia, Europe and the Middle East, and includes nine new lenders.

Vermersch says: “The successful renewal of our European RCF is another very strong message sent by our banking partners, highlighting their deep understanding of Mercuria business model focusing on progressing its positive impact within the energy transition space and strategically deploying capital accordingly.”

The trader has also closed US$1.5bn multicurrency off balance sheet instrument facilities, which was upsized from a US$1.38bn deal initially signed in March.

The facility is provided by bookrunning mandated lead arrangers Banco Santander, Bank of China, Commerzbank, Emirates NBD, First Abu Dhabi Bank, ING, Lloyds Bank, Mizuho, MUFG, Natixis, Oversea-Chinese Banking Corporation, Société Générale, SMBC and UniCredit.

In May, Mercuria announced the launch of a US$175mn Asia Pacific borrowing base facility to support the company’s carbon trading activities.