HOUSTON, Nov. 20, 2019 /PRNewswire/ -- Mercuria's North American operating entities ("Mercuria" or "the Company") are pleased to announce the successful closing of its USD 1,900,000,000 one-year senior secured borrowing base revolving credit facility (the "Facility"). Mercuria increased the size of the facility by $200 million while maintaining a stable banking group. The joint and several borrowers are Mercuria Energy Trading, Inc., Mercuria Energy America, Inc., Minerva Bunkering (USA) LLC, and Mercuria Commodities Canada Corporation (the "Borrowers").
Societe Generale, MUFG Bank Ltd, Natixis, New York Branch, ABN Amro Capital USA LLC and ING Capital LLC were Joint-Lead Arrangers for the Facility. Societe Generale acted as sole coordinator, Facility Agent and Collateral Agent while MUFG Bank Ltd, Natixis, New York Branch, ABN Amro Capital USA LLC and ING Capital LLC acted as Co-Syndication Agents. Credit Agricole Corporate and Investment Bank, Cooperatieve Rabobank U.A., New York Branch and Mizuho Bank, Ltd. joined the Facility as Co-Documentation Agents and a further ten banks participated at various commitment levels.
The Facility was heavily over-subscribed with Mercuria choosing to scale back lender commitments. It will be used for financing the Company's working capital needs in respect of its North American inventory and receivables and is an integral part of Mercuria's successful and growing presence in the region.
"The renewal of our 2019 North American Borrowing Base has been another great success that will support our growing and diversified portfolio of activity in North America," said Guillaume Vermersch, Group Chief Financial Officer of Mercuria. "It has been built upon the strength of our strategic banking relationships, both locally and globally, and the depth of these relationships with our financing partners is reflected in the significant over-subscription of this facility."