LONDON, June 25 Trading house Mercuria said on
Wednesday it had renewed a $2.65 billion revolving credit
facility as it prepared to complete the acquisition of the
trading business of Wall Street bank JP Morgan.
The Geneva-based trader signed the new, increased credit
facility on June 20 which "will be used for general corporate
purposes" and to refinance its $1.35 billion one-year and $450
million three-year revolving credit facilities.
"This increase expands the financial resources available to
the company and provides a strong platform for the integration
of the JP Morgan commodity business as well future opportunities
as they arise," chief financial officer Guillaume Vermersch said
in a statement.
Mercuria reported lower core earnings of $562 million for
2013, citing a tougher trading environment and higher one-off
investments to help accommodate the JP Morgan deal.
JP Morgan is selling its physical commodities business to
the Swiss firm for around $3.5 billion, in a move that will help
sweep Mercuria into the top league of commodities traders.
(Reporting by Dmitry Zhdannikov; Editing by Pravin Char)