Mercator takes $55m

Indian owner Mercator has hinted at an IPO for oil and gas services subsidiary Mercator Energy (MEPL) as it fixed a new loan.

The shipping company said MEPL has arranged a facility worth $55m over six years with an unnamed lender.

This will allow it to expand in the sector.

But Mercator also said the debt will be converted into shares should the unit carry out an IPO during the period.