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:
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.
Société Générale Corporate & Investment Banking
Senior Mandated Lead Arrangers
Mandated Lead Arrangers
Sumitomo Mitsui Banking Corporation
The Royal Bank of Scotland plc
Unicredit Bank AG
VTB Bank (Austria)
Raiffeisen Bank International
State Bank of India
Banco Do Brasil S.A.
Garanti Bank International
National Australia Bank
Banque Cantonale de Genève
China Construction Bank
Gulf International Bank
Industrial and Commercial Bank of China
ABC International Bank
Banque de Commerce et de Placements
Hua Nan Commercial Bank
Mega International Commercial Bank