Mercuria Energy Signs $685 Million Revolving Credit Facility

Private commodities trader Mercuria Energy Trading Wednesday signed a $685 million revolving credit facility, the company said.

The deal was oversubscribed and was subsequently increased in size from the initial $385 million in May due to bank appetite for the credit, Mercuria said in a statement.

"Mercuria Energy has a strong balance sheet and our business has been increasing substantially," said David Ensor, Mercuria's director of strategy and communications. "We're delighted by the response of the banks and we want to thank them for their confidence."

Mandated lead arrangers and bookrunners on the facility include BNP Paribas, Fortis Bank Nederland, ING Bank NV, Rabobank International, Societe Generale SA, Standard Chartered Bank, Calyon, and the corporate and investment banking arm of Credit Agricole SA. Following syndication, 21 other banks joined the group, Mercuria said.

The margin on the facility is 225 basis points over Libor with a 364-day extension option.

Mercuria Energy Trading's parent company, Mercuria Energy Group, is among the world's top five independent energy traders. The group had turnover of more than $46 million in 2008, according to the company's Web site.

-By Lananh Nguyen, Dow Jones Newswires; [phone]; [e-mail]