Swiss-based energy trader Mercuria has signed a US$700mn revolving credit facility to replace a previous debt financing.

Initially, the loan was thought to be worth US$500mn, but the facility was oversubscribed by US$200mn after scale backs for all lead banks.

The bookrunners and mandated lead arrangers (MLA) were ANZ, BNP Paribas, DBS Bank, First Gulf Bank, HSBC, ICBC, ING, RBS, Société Générale, Standard Chartered and Sumitomo Mitsui Banking Corporation. The facility has tenors of one and three years.

The loan will be received by Mercuria’s Asian affiliate, Mercuria Energy Trading, and was signed in Singapore.

The syndicate includes 31 banks. Among them are Bank of China, Emirates NBD, Rabobank, Arab Petroleum Investments Corporation, Bank of Baroda, Bank of East Asia, Commonwealth Bank of Australia, Indian Overseas Bank, Westpac, Banco Do Brasil, Bank of Tokyo-Mitsubishi UFJ, British Arab Commercial Bank, JP Morgan, Qatar National Bank, Raiffeisen Bank, Zenith Bank, Bank Mandiri, Bank of Panhsin, Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, China Merchant Bank, Chinatrust Commercial Bank, Cosmos Bank, E Sun Commercial Bank, Krung Thai Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taiwan Co-operative Bank and Union de Banques Arabes et Françaises.

Mercuria’s head of Asia, Han Jin, says: “Our Singapore regional hub has successfully closed its fourth fund raising exercise in Asia, with the participation of an ever-growing number of Asian banks. We believe that the Asian banking community recognises the resilience of the Mercuria Energy business model, driven by strong risk management focus.”

Mercuria Energy’s CFO Guillaume Vermersch adds: “The facility has been largely oversubscribed (1.8 times). Mercuria is pleased that its financial partners demonstrated renewed confidence in the company’s ability to cross adverse economic cycles. The group will keep on growing and investing in Asia with the support of the local banks.”