4 UAE banks in Singapore firm's Dh3.67bn credit facility

Four UAE banks took part in the fund-raising of Singapore’s energy and commodities giant Mercuria Energy Group’s $1 billion (Dh3.67 billion) credit facility.

According to a media release, a group of 38 banks joined with Mercuria for the loan.

UAE’s Emirates NBD Capital and First Gulf Bank acted as Mandated Lead Arrangers and Bookrunners while Mashreqbank and Union National Bank were Co-Arrangers.

The new facilities were launched on September 17 with bank meetings held in Dubai, Shanghai, Taipei and Singapore, and were significantly oversubscribed, more than 60 percent above the initial launch amount.

Australia and New Zealand Banking Group Limited, The Bank of Tokyo-Mitsubishi, DBS Bank, Singapore Branch, Industrial and Commercial Bank of China, ING Bank, The Royal Bank of Scotland, Societe Generale Corporate & Investment Banking and Sumitomo Mitsui Banking Corporation also acted as Mandated Lead Arrangers and Bookrunners.

The facilities, signed November 18, 2014, are comprised of a new $622 million 364-day tranche with swingline and Offshore Chinese Renminbi (CNH) options and a $378 million three-years revolving tranche. The facilities were issued for Mercuria Energy Trading and Mercuria Asia Group Holdings.

Mercuria will use the facilities for general corporate purposes and to refinance the Group's maturing $530 million 364-day and $470 million three-year revolving credit facilities dated November 30, 2013.

“The number of new geographically diverse banks, and a broader group of top-level Bookrunner Mandated Lead Arranger and Mandated Lead Arranger banks demonstrates the strength of the syndicate and continued confidence of our financing partners in Mercuria's business model, as well as the robust appeal of the facilities,” said Guillaume Vermersch, CFO of Mercuria.

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