Commodity trading house Mercuria said on Monday that its operating entities in North America had closed a multi-year revolving credit facility of $3.4 billion for their working capital needs.
The facility, which had been increased by $1.1 billion over the past year, was oversubscribed, Mercuria said, allowing it to further increase the size of the borrowing base by $100 million.
“This year, we have seen substantial growth in our North American business, and through this period, we have seen strong support from our bank group,” said Marty Bredehoft, Mercuria’s treasurer for the Americas.
“This has also been a year where we expanded on our syndicate,” he added.
Societe Generale, MUFG Bank Ltd, and ING Capital LLC were among the joint lead arrangers and joint book-runners for the borrowing facility.