Gunvor Closes Oversubscribed USD $1.16 Billion Revolving Credit Facility


Gunvor Group (“Gunvor Group” or the “Company”) has signed its USD $1,160,000,000 Revolving Credit Facility (the “Facility”) in favour of Gunvor International B.V. (“Gunvor International”) and Gunvor SA, (together the “Borrowers”). The Facility, oversubscribed by 45 percent, draws on an expanded pool of banks, as Gunvor continues to see new support for its operations.

The Facility was arranged by ABN AMRO Bank N.V., Crédit Agricole Corporate and Investment Bank (“Crédit Agricole CIB”), Credit Suisse AG, ING Bank N.V. (“ING Bank”), Natixis, Rabobank International (“Rabobank”), and Société Générale Corporate & Investment Banking (together the “Bookrunning Mandated Lead Arrangers”). ABN AMRO Bank N.V., Crédit Agricole CIB, ING Bank, Rabobank and Société Générale Corporate & Investment Banking were Active Bookrunners.

The Facility, which is guaranteed by the Company, will be used for general corporate purposes and to refinance the Borrowers’ 3-year revolving credit facility dated 21 June 2011 and the USD $852,000,000 revolving credit facility extended by 6 months on 19 June 2012 (the “Existing Facilities”).

The Facility available to the Borrowers, which was launched at USD $800,000,000, was significantly oversubscribed after syndication and subsequently increased to USD $1,160,000,000, consists of 2 tranches split as follows:

  • Tranche A: USD $1,050,000,000 364-day revolving credit facility
  • Tranche B: USD $110,000,000 3-year revolving credit facility
  • Together with the oversubscribed and increased USD $635,000,000 364-day Asian Facility for Gunvor Singapore signed in June 2012 this Facility evidences Gunvor’s successful strategy to grow and diversify its financing to support new investments and existing operations.

    The participating banks in the Facility are as follows:

    Mandated Lead Arrangers and Bookrunners
    ABN AMRO Bank N.V.
    Crédit Agricole CIB
    Credit Suisse AG
    ING Bank N.V.
    Rabobank International
    Société Générale Corporate & Investment Banking

    Senior Mandated Lead Arrangers
    KfW IPEX-Bank

    Mandated Lead Arrangers
    DBS Bank
    Sumitomo Mitsui Banking Corporation
    The Royal Bank of Scotland plc
    Unicredit Bank AG
    VTB Bank (Austria)

    Lead Arrangers
    Raiffeisen Bank International
    State Bank of India
    Banco Do Brasil S.A.
    Bank Leumi
    Garanti Bank International
    National Australia Bank

    Banque Cantonale de Genève
    China Construction Bank
    Deutsche Bank
    Gulf International Bank
    Industrial and Commercial Bank of China
    ABC International Bank
    Banque de Commerce et de Placements
    BHF Bank
    DZ Bank
    Hua Nan Commercial Bank

    Lead Manager
    Mega International Commercial Bank

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