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GUNVOR CLOSES OVERSUBSCRIBED US $1.67 BILLION REVOLVING CREDIT FACILITY
17 November 2016

Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US$ 1.67 billion Revolving Credit Facility (the “Facility”) in favour of Gunvor International B.V. and Gunvor SA (the “Borrowers”), representing a 30% increase in the total available facilities. The Facility will replace the maturing Tranche A (US$ 1.15 billion) of the Borrower’s Revolving Credit Facility dated 23 November 2015 and refinance Tranche B (US$ 85 million) of the US$ 1.09 billion Facility dated 28 November 2014.

“Despite the challenging market, which has put pressure on syndication deals, we’re pleased that Gunvor’s new direction has received the full confidence of our current banking partners as well as a growing number of new financial institutions,” said Jacques Erni, Gunvor Group CFO. “This strong support led to a significant increase in the total facility, which we even had to scale down in the end.”

The Facility, initially launched at US$ 1.1 billion, was very well received by invited banks and closed substantially oversubscribed. It will be used to finance general corporate purposes and working capital requirements. Gunvor first launched its Revolving Credit Facility in Europe in 2008, and it is now complemented by the Group’s Asian Revolving Credit Facilities, Borrowing Base facilities and OBSI Facility. These facilities support Gunvor’s established and continuing global growth strategy, which consists of geographic expansion, product diversification and investments along the value chain.

ABN AMRO Bank N.V. (“ABN AMRO”), Crédit AgricoleCorporate and Investment Bank (“CACIB”), Credit Suisse AG, DBS Bank Ltd (“DBS”), ING Bank N.V.(“ING”), Natixis, Coöperatieve Rabobank U.A. (“Rabobank”), Société Générale Corporate & Investment Banking (“SGCIB”), UBS Switzerland AG (“UBS”) and UniCredit Bank AG (“UniCredit”) (together the “Bookrunning Mandated Lead Arrangers”) weremandated to arrange the Facility. ABN AMRO, ING, Natixis, Rabobank, UniCredit, CACIB and SGCIB actedas Active Bookrunners and Credit Suisse as Facility Agent.

The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

Tranche A: US$ 1.415 billion 364-day revolving credit facility with a 364-day extension option

Tranche B: US$ 255 million 3-year revolving credit facility with a 364-day extension option