Drawing on a diversified pool of European and international banks, Gunvor Group has successfully closed an oversubscribed borrowing base credit facility to support operations at the Independent Belgian Refinery (IBR). The facility launched at USD $500 million and closed oversubscribed at USD $625 million.
“Confidence in Gunvor’s business plan for its refining operations is very strong, with about 45 percent of IBR’s facility consisting of new funding beyond standing allocations from our banking partners,” a Gunvor spokesperson said. “Gunvor’s move to diversify its operations to become a truly integrated trading house has clear support.”
ING and Rabobank are the two Mandated Lead Arrangers of the facility, of which a full quarter of the participation came from non-European markets. The facility will be used to finance the purchase of crude oil and feedstock for the refinery, i.e., blending products, storage and processing at the refinery’s premises, and carrying of receivables.
Completion of the IBR syndication continues a strong year of support for Gunvor, which has announced:
Gunvor’s team is already working on a syndication to support operations at the recently acquired refinery in Ingolstadt.