The Facility is used for financing the Company's working capital needs in respect of its European inventory and receivables as well as the refinancing of existing bilateral credit facilities. This borrowing base facility is Mercuria's first syndicated uncommitted secured revolving credit facility in Europe.
According to Richard Evrard, Global Head of Trade Finance & Structured Trade Finance at Mercuria, the implementation of this Borrowing Base is a great success considering the complexity of its geographical reach: seven European countries and eight storage locations. "The new syndicated financial structure is competitively priced and allows Mercuria to anticipate increased volumes at higher market prices. We are next considering enlarging the scope of this Borrowing Base to additional European countries and new commodities, with the support of new Lenders."
About Mercuria Energy
Mercuria is an international group of companies and one of the top five companies globally trading a wide spectrum of energy & commodity markets including crude oil and refined petroleum products, natural gas (including LNG), power, coal, base metals, biodiesel, and carbon emissions. In 2011, Mercuria had sales of over $75 billion and has over 30 offices worldwide. In addition to its trading core, Mercuria owns up-stream and mid-stream assets ranging from oil reserves to infrastructure and storage terminals. It also has substantial investments in the upstream coal sector.
Contacts:
Press Contacts:
Mercuria Communications
Sophie Caverzasio
+41 22 595 88 55
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