Swiss commodities trading firm Mercuria is testing lenders' appetite for a $1 billion syndicated loan facility, at a time when it is embroiled in a lawsuit with Citi over payments for metal-backed financing in the Qingdao Port.
The privately owned trading firm, which recently bought JP Morgan's physical commodities business, has become a regular visitor to syndicated loan markets in the region and concluded roadshows to lenders in Shanghai, Dubai, Taipei and Singapore some two weeks ago. It is now waiting for commitments to come in.
Even as it taps lenders, Mercuria is embroiled in a lawsuit with Citi, with the US bank seeking early settlement of...
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