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Societe Generale, MUFG Bank, Others Arrange $2.2B Revolving Credit Facility for Mercuria

December 08, 2021, 07:42 AM
Filed Under: Commodities Trading

Mercuria's North American operating entities closed its $2,200,000,000 multi-year senior secured borrowing base credit facility. The Facility was over-subscribed, enabling Mercuria to increase the size by $500,000,000 and add a 2-year tranche. The joint and several borrowers are Mercuria Energy America LLC, Minerva Bunkering (USA) LLC, and Mercuria Commodities Canada Corporation.

Societe Generale, MUFG Bank Ltd, Natixis, New York Branch, Cooperatieve Rabobank U.A., New York Branch, ING Capital LLC and Sumitomo Mitsui Banking Corporation were Joint Lead Arrangers and Joint Book-Runners for the Facility. Societe Generale acted as Administrative Agent and Collateral Agent, while MUFG Bank Ltd, Natixis, New York Branch, Cooperatieve Rabobank U.A., New York Branch, ING Capital LLC and Sumitomo Mitsui Banking Corporation acted as Co-Syndication Agents. Credit Agricole Corporate and Investment Bank, Mizuho Bank, Ltd. and UniCredit Bank AG, New York Branch are participating as Co-Documentation Agents. An additional ten banks participated at various commitment levels.

The Facility will be used to finance the Company's working capital needs related to North American operations. Additionally, the Facility has continued to grow its capacity to finance the ongoing transition into green energy with the Company's growing renewable portfolio in North America.

"Mercuria's oversubscribed Facility is indicative of the strong support we receive from our North American banking partners. We received commitments substantially in excess of our target, enabling us to increase the size of our bank group and add a 2-year tranche to the Facility. This is a testament to our enduring performance and the long-term relationship we have built with this group of banks.  We look forward to working with our banking partners over the upcoming year as we continue to grow the North American business" said Guillaume Vermersch, Group Chief Financial Officer of Mercuria.

Established in 2004, Mercuria is one of the largest independent energy and commodity groups in the world, bringing efficiency to the commodity value chain with technology, expertise, and solutions. Mercuria's business includes trading flows, strategic assets, and structuring activities that generate more than $120 billion in turnover. The company has built upon a series of strategic acquisitions, including the physical commodities trading unit of JPMorgan Chase & Company, Noble Group's U.S. gas and power business, and the Aegean Marine Petroleum Network, reorganized as Minerva Bunkering.  It has become one of the most active players in energy and renewable markets through investments in the energy transition, with a particular focus on the United States and Europe.

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