SINGAPORE, Jan. 27 /CNW/ - Fourteen international banks lent overwhelming support to the maiden Asian syndicated facility for Mercuria Energy Trading Pte Ltd. The facility, which was launched at USD150 Million, closed oversubscribed with the final facility amount being upsized to USD281 Million.
The Company mandated BNP Paribas, ING Bank N.V., Societe Generale Corporate & Investment Banking and Standard Chartered Bank (each a "Mandated Lead Arranger and Bookrunner" or "MLAB" and together the "MLABs") for this transaction. Proceeds of the Facility will be utilised to finance the working capital requirements of the Company for its core activities. The revolving credit facility has a tenor of one year, and carries an interest rate of 1.50% per annum over LIBOR.
"We are very pleased to have such a positive response from our banking partners in Asia. We are building our presence in the region and this Revolving Credit Facility confirms the significance of our Asian business as well as the strength and importance of the Mercuria Singapore presence," says Mr Jin Han, Director Mercuria Asia.
The ten other participating banks in the transaction include: China Minsheng Banking Corp., Ltd, ICBC (London) Limited, Bank of Ayudhya, Europe Arab Bank plc, Chinatrust Commercial Bank Co., Ltd, Singapore Branch, Indian Bank, Singapore Branch, Raiffeisen Zentralbank Osterreich AG, Singapore Branch, Mega International Commercial Bank Co., Ltd., Offshore Banking Branch, PT Bank Mandiri (Persero) Tbk, Singapore Branch and Union de Banques Arabes et Francaises (UBAF).
Mercuria Energy Trading Pte Ltd, a wholly owned Singapore subsidiary (incorporated in 2004) of Mercuria Energy Group Ltd focuses on global trading of crude oil and refined oil products. Currently Mercuria has offices in Singapore, Beijing (China), Dubai (Emirates) and New Delhi (India). The Company is in the progress of setting up a representation office in Jakarta (Indonesia) and has entered into a joint venture arrangement with a local marketing company in Bangkok (Thailand).
Mercuria Group is an international group of companies active over a wide spectrum of global energy markets including crude oil and refined products, biodiesel and vegetable oil, natural gas, power, coal derivatives and carbon emissions. Diversified and rapidly growing, the Group currently trades oil and petroleum products in all main markets worldwide. In total nearly 82 million tonnes of physical oil and products were sold by the Group in 2008 versus nearly 61 million tonnes in 2007.
SOURCE MERCURIA ENERGY GROUP LTD
For further information: For further information: about the Facility, kindly contact the following persons: From Mercuria Energy Trading Pte Ltd, Ms Jennifer Chan, Chief Financial Officer, Asia Pacific, Tel: +65-6416-2700; From ING Bank N.V., Mr Tibor Papp, Head of Syndicated Finance, Asia Pacific, Tel: +65-6232-6265; From BNP Paribas, Mr Flavian Sim, Loan Syndication, South East Asia & India, Tel: +65-6210-1384; From Societe Generale Corporate & Investment Banking, Mr Jose Antonio Olano, Head of Loan Syndication and Distribution, Asia Pacific, Tel: +852-2166-5614; From Standard Chartered Bank, Ms Velarie Lee, Syndications - South East Asia, Tel: +65-6228-3446