• VARO’s project has made significant progress since announcement in September 2023. FEED has advanced and is expected to be complete, Q4 2024.
• Gunvor will join VARO as an equal partner to jointly develop a large-scale Sustainable Aviation Fuel (SAF) manufacturing facility.
• The manufacturing facility in Rotterdam aims to deliver up to 7% of EU 2030 SAF mandate with nameplate capacity of 350 kt p.a.
• Focus on maximising flexibility in both feedstock and products (HVO and SAF) utilising proven technology to allow the plant to benefit from shifts in supply and demand.

ZUG / GENEVA – Gunvor Group (“Gunvor”) will join VARO Energy (“VARO”) in building a large-scale SAF manufacturing facility at the Gunvor Energy Rotterdam site through a proposed joint venture.

Since VARO announced on September 7, 2023 its intention to build a large scale SAF facility as a sole owner with total feedstock capacity of 350 kt pa., the project has made good progress.

Under the terms of the agreement, costs, and risks to develop the plant up to the final investment decision (FID) will be shared on an equal basis. Upon joint FID, and subject to necessary regulatory approvals, VARO and Gunvor will form a project company owned equally by both parties.

Following a rigorous project development process, the basis of design has been finalised and the Front-End Engineering Design (FEED) phase is expected to be completed in Q4 2024.

The facility is being designed to be able to process a variety of feedstocks. It will also have the capability to produce either SAF or HVO end products, allowing VARO and Gunvor to capture potential value by switching based on market conditions and regulatory requirements.

The location of the future facility, on the brownfield location of the Gunvor Energy Rotterdam site, will see it benefit from extensive existing infrastructure. This includes the transportation and relevant pipeline network, existing utilities and port facilities and geographic proximity to key customers and markets in Northern Europe and beyond.

Aviation is a vital and growing part of the global economy, connecting people and businesses around the world. However, it is also one of the fastest-growing sources of greenhouse gas emissions. Through this investment, VARO and Gunvor will support the aviation sector’s decarbonisation with the capacity to produce SAF equivalent to 7% of the current SAF mandate set by the European Union for 2030.

Torbjörn Törnqvist, CEO of Gunvor, said:

“Large scale production and adoption of SAF are critical to meeting the airline industry’s goal of achieving net-zero emissions by 2050. We look forward to working with VARO to develop SAF production at our site in Rotterdam, which is a strategically central location with proximity to extensive port facilities, major European airports, and well-developed energy infrastructure.”

Dev Sanyal, CEO of VARO Energy, said: 

“If efforts to decarbonise aviation are to be successful, it is essential that European SAF supply increases to meet mandated demand growth by the end of the decade. This can only be achieved by designing and constructing production facilities leveraging existing infrastructure coupled with the ability to process the widest range of feedstocks and the flexibility to produce both HVO and SAF. At VARO, we have developed this project with a focus on cost competitiveness in order to be a reliable counterparty for our customers’ growing demand.

Strong partnerships between companies will accelerate this pathway and I am delighted that Gunvor will be joining us as an equal partner. Our focus now is on completing FEED this year in order to move towards a Final Investment Decision.”

Notes to editors

About SAF
Sustainable Aviation Fuel is a ‘drop-in’ fuel. It is compatible with existing aircraft and fuel logistics infrastructure without requiring any modifications. At scale, SAF has an important role to play in helping the aviation industry decarbonise. Used as a direct replacement for conventional aviation fuel, SAF offers up to 90% Greenhouse Gas (“GHG”) savings, allowing the commercial aviation sector to decarbonise the vast majority of its emissions.

About VARO Energy
VARO Energy (“VARO”) is the partner of choice for customers in the energy transition by providing the sustainable and reliable energy solutions that they need to decarbonise. Engine 1 includes manufacturing, storage, distribution, marketing, and trading of conventional energies. Engine 2 activities are focused on sustainable energies and include biofuels, biogas, green hydrogen, e-mobility, and nature-based carbon removals. VARO plans to invest around $3.5 billion over the 2022-26 period, with two-third committed to sustainable energies. The company has a net zero target for scope 1, 2 and 3 by 2040. VARO, a private company owned by Carlyle Group (66.66%) and Vitol (33.33%) is headquartered in Switzerland with a diversified presence in twenty-six countries.

About Gunvor
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy, bulk materials, and base metals from where they are sourced and stored to where they are demanded most. Gunvor, which generated turnover of US $127 billion on volumes of 177 million MT in 2023, has committed to cut Scope 1 and 2 emissions by 40% by 2025. For more information, visit GunvorGroup.com

HOUSTON – As part of its strategy to accelerate the energy transition, Gunvor USA LLC (Gunvor), part of the Gunvor Group and one of the world’s largest independent commodities trading houses, has executed a feedstock supply and product offtake Letter of Intent with Dallas-based ClearShift LLC (ClearShift), a leader in the development of gas-to-liquids technology and the production of low-carbon fuels and specialty chemicals.

The Letter of Intent covers a 10-year supply of all natural gas and renewable natural gas, the offtake of low carbon diesel, and the offtake of high-grade carbon-neutral chemicals from ClearShift’s facility to be located near the chemical corridor in Louisiana.

The structure of Gunvor’s supply and offtake allows for a fully de-risked margin to ClearShift, while providing optionality for both parties to capture additional margin. The facility will consume approximately 55,000 MMBtu of natural gas and renewable natural gas per day and will produce approximately 75 million gallons per year of low-carbon renewable diesel and zero carbon, high-grade specialty chemicals. ClearShift also produces clean hydrogen, which is consumed in its non-combustion production process.

“ClearShift is pioneering the energy transition, creating pure, low carbon fuels and carbon neutral specialty chemicals from readily available cheap hydrocarbon supplies,” said Shane Foster, Energy Transition Lead – Americas at Gunvor. “We look forward to building a long-term relationship focused on enhancing the variety and quality of fuels and chemicals we offer to our customers.”

“We are thrilled about our relationship with Gunvor,” said John Stephenson, CEO of ClearShift. “When combined with the new incentives available in the Inflation Reduction Act, this agreement serves as a quantum leap for our business, illustrating how sustainable technology-based companies and leading commodity trading houses can partner together to ensure that the next wave of sustainable infrastructure thrives.”

About ClearShift
ClearShift produces ultra-pure, environmentally friendly fuels and specialty chemicals using a cutting-edge gas-to-liquids (GTL) process, responsibly replacing legacy oil-based fuels and chemicals. Its GTL technology converts methane, flare gas and CO2 into low carbon fuels and non-combustible carbon neutral specialty chemicals, removing the associated CO2 from the air permanently. ClearShift helps companies convert pollution into profit, while reducing their carbon footprint. For further information, visit www.goclearshift.com.

About Gunvor Group
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. Gunvor established Nyera, its wholly owned subsidiary dedicated to identifying Energy Transition investments, including new sustainable commodities and businesses.

NICOSIA – Gunvor Group Ltd (“Gunvor” or the “Company”), one of the largest energy commodities trading companies in the world, has updated the composition of its Board of Directors, effective 1 March 2023. Ms. Vasiliki Papalli, who has been with Gunvor since 2013 and serves as Group Administration Director, will replace Mr. Jerome Gonelle, who has retired his position. Ms. Papalli’s role on the Board will include representing minority shareholders of the Gunvor Employee Shareplan. The size of the Board will also increase to seven seats with the addition of Fredrik Törnqvist, Gunvor’s Energy Transition Director and Head of Nyera, the Company’s renewables investments vehicle. These changes reflect the evolving nature of Gunvor’s global business and outlook. The Gunvor Group Ltd Board of Directors continues to comprise a majority of independent, professional non-executive directors.

• Vasiliki Papalli, Group Administration Director: Ms. Papalli, joined Gunvor in October 2013, and has been handling the corporate restructuring and the companies setup in the various jurisdictions of the Group, as well as the overall management of the Nicosia headquarters office. She has more than 15 years of experience in the corporate secretarial sector. Ms. Papalli previously worked for PricewaterhouseCoopers from 2007-2013.
• Fredrik Törnqvist, Energy Transition Director: Mr. Törnqvist serves as the Energy Transition Director at Gunvor Group, and Head of Nyera, the company’s renewables investment vehicle. He joined Gunvor in 2019 as a market analyst for Gunvor’s natural gas desk, one of the largest physical natural gas traders in Europe. He began his career at PricewaterhouseCoopers, where he provided financial audit and advisory services to some of the world’s largest public companies. He then joined investment advisory and asset management firm Whiteridge Advisors, where he was involved in a range of activities including Venture Capital, Private Equity, Business Development and Government Advisory.

The Gunvor Group Ltd Board of Directors now comprises:

• Mr. Torbjörn Törnqvist, Chairman and CEO
• Mr. Gerhard Auer, Director
• Mr. Georgios Loizou, Director
• Mr. Mats Nilsson, Director
• Ms. Vasiliki Papalli, Director
• Mr. Menelaos (Melinos) Pissourios, Director
• Mr. Fredrik Törnqvist, Director

HOUSTON (2 March 2023) – As part of its strategy to accelerate the energy transition, Gunvor USA LLC (Gunvor), part of the Gunvor Group, has entered into a green hydrogen Letter of Intent with Fresno, California-based Yosemite Clean Energy LLC (Yosemite), a leader in the development of biomass to green hydrogen in the state of California. The Letter of Intent covers the purchase and marketing of all production of green hydrogen from Yosemite’s first three facilities located in Oroville, Tuolumne and Visalia, California. Each facility is projected to produce 7 million kilograms per year of negative carbon intensity green hydrogen from 90,000 bone dry tons of biomass that are sustainably sourced from forest fuel hazard reduction projects, which reduce the threat of catastrophic wildfires in California. Yosemite will also use biomass generated post-wildfires as part of current salvage and restoration operations. Yosemite biofuels plants will help farmers by using end-of-life orchard biomass to eliminate open burning and the associated CO2 and air quality impacts within the Sacramento and San Joaquin Valleys. The first facility, located in Oroville, is expected to begin operations in the second half of 2025, while the remaining two facilities are projected to start over the two following years. “Green hydrogen is a clear area of opportunity to be explored for its role in the new energy landscape, and as a global commodities trader, Gunvor is pleased to support an innovative business such as Yosemite Clean Energy. Gunvor aims to be a long-term player in the maturation of global hydrogen markets, driven by expansion in transportation, aviation and industrial markets. Yosemite will be a key part of that growth,” said Fredrik Törnqivst, Gunvor’s Energy Transition Director and Managing Director for Nyera, an investment vehicle dedicated to identifying sustainable commodities trading and business opportunities. Yosemite Clean Energy’s CEO Tom Hobby said: “For decades, the convergence of technologies, biomass producers, and end uses for biomass have been lacking, causing millions of tons of waste biomass to be underutilized across North America. Today we have the biomass conversion technologies, and in our case the downstream syngas processing, by which to economically create carbon negative H2 and advanced biofuels. Yosemite Clean is championing the best practices of sustainable management on our forest and farms. We are using biomass that has been burning, dying, and rotting, to produce zero-emission, carbon-negative green biofuels. We are very pleased to have Gunvor as our marketing and off-take partner for hydrogen fuels and the development of our ‘stump-to-pump’ marketing plan.” About Yosemite  Yosemite is a bioenergy development company that specializes in transforming farm and forest wood waste into carbon-negative biofuels, including green hydrogen and renewable natural gas.  Yosemite provides renewable solutions to California’s transportation and broader energy sectors while reducing risk of wildfires, raising air quality, and creating jobs and economic stimulus in underserved rural communities. Over the last decade, these areas have experienced a significant rise in catastrophic wildfire due to mismanagement of the forests, causing billions of dollars of property and environmental damage. Yosemite is developing a network of biofuels plants that are partially owned by the forest and agricultural communities they serve. The company is at various stages of development planning on biofuels plants across the state of California. For further information, visit yosemiteclean.com

Air Products (NYSE:APD) and Gunvor Petroleum Rotterdam (GPR), a wholly-owned subsidiary of Gunvor Group (Gunvor), have signed a joint development agreement for an import terminal in Rotterdam. The agreement responds to the accelerating demand for green energy sources to meet climate objectives and the need to diversify energy sources. The import terminal is expected to provide green hydrogen to the Netherlands in 2026. Green Hydrogen Economy Green hydrogen is key to the energy transition. It has significant potential to decarbonize hard-to-abate sectors, such as heavy-duty transport and industry. A substantial amount of renewable energy is needed to produce green hydrogen. It is unlikely that Europe will be able to produce these amounts locally, making large-scale, green hydrogen imports essential for reaching targets set under the European Union’s (EU) “Fit for 55” legislative package and REPowerEU. With this project, the Netherlands would make a leading contribution to EU energy transition goals. Key Development Milestones The signing of the agreement is an important step towards an investment decision that will be taken as the companies gain confidence in the regulatory framework, permitting process, and funding support. Certification of the green hydrogen is needed to ensure that the imported green ammonia and resulting green hydrogen is recognized and counted towards the EU renewable energy targets. For funding support, this project seeks to be recognized as an ‘Important Project of Common European Interest’ (IPCEI). Air Products looks forward to continuing engagement with the relevant stakeholders to establish the broader support available to the project. Gateway to Northwest Europe The Gunvor site in Europoort Rotterdam is one of several European locations envisaged by Air Products for the development of a green hydrogen import terminal. It offers strategic access for receiving green ammonia from large-scale green hydrogen production locations operated by Air Products and its partners from projects around the world. The green ammonia will be converted to hydrogen and distributed to markets within Europe, including the Netherlands, Germany, and Belgium. Air Products and Gunvor both have a proven track record for reliability and safety and are committed to delivering world-class performance in personal and process safety. Benefits to the Dutch Economy Independent analysis from CE Delft has shown the project will ultimately deliver EUR 260-425 million of indirect economic benefits, culminating in thousands of new jobs over the coming years. The savings in carbon dioxide (CO₂) emissions to the transport sector, combined with the benefit of reduction in other harmful emissions, would create an overall environmental benefit valued at over EUR 100 million by 2030. Ivo Bols, President Europe and Africa, said, “Air Products is pleased to take a next step towards a green hydrogen import terminal in Rotterdam, together with our partner Gunvor. Hydrogen import is essential to diversify our energy resources and meet climate objectives. Air Products, the largest hydrogen producer in the world, is committed to contribute to both ambitions by accelerating the development of the European green hydrogen economy via first-mover projects like these. We are looking forward to further cooperation with Gunvor to make Rotterdam ready for green hydrogen imports.” “Gunvor is pleased to be partnering with Air Products through Nyera, our investment vehicle dedicated to supporting the Energy Transition, in order to leverage strategic locations such as our Rotterdam facility in a way that advances the development of sustainable and renewable energy initiatives,” said Shahb Richyal, Global Head of Portfolio at Gunvor. Allard Castelein, CEO Port of Rotterdam: “We are very supportive of Air Products’ and Gunvor’s plans, which are a great example of using a brownfield location to set up a new import terminal for green ammonia in the port of Rotterdam. Both companies have been active in the energy sector for a long time and are responding to society’s demand to reduce greenhouse gas emissions as well as to increase Europe’s energy independence. Green ammonia is not only a hydrogen carrier and a feedstock for the chemical industry, but it’s also an important renewable fuel for the shipping sector. First-mover projects like this will make Rotterdam Europe’s foremost Hydrogen Hub.”   About Gunvor Group Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—refineries, pipelines, storage, and terminals—that complement core trading activities and generate sustainable value across the global supply chain for customers. In 2021, Gunvor reported turnover of US $135 billion on volumes of 240 million MT. Approximately 50% of the company’s trading consists of “transitional” commodities, including biofuels, natural gas and LNG. For more information, visit GunvorGroup.com. About Air Products Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world’s largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale low- and zero-carbon hydrogen projects supporting global transportation and the energy transition. The Company had fiscal 2021 sales of $10.3 billion from operations in over 50 countries and has a current market capitalization of about $55 billion. More than 20,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products’ higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world.

Gunvor Group (“Gunvor”), one of the largest physical natural gas, LNG and commodities trading houses worldwide, has agreed to make an equity investment in a PIPE supporting a business combination between OPAL Fuels LLC (“OPAL Fuels”), and ArcLight Clean Transition Corp. II (Nasdaq: ACTD) (“ArcLight”). OPAL Fuels LLC is a leading, vertically integrated producer and distributor of renewable natural gas (“RNG”). Gunvor will make the investment via an entity of Nyera, its vehicle dedicated to supporting the progression of the Energy Transition. The deal comes concurrent with OPAL Fuels entering into a business combination agreement (“the transaction”) with ArcLight that will result in OPAL Fuels becoming a publicly listed company. Upon closing of the transaction, the combined company will be named OPAL Fuels Inc. and remain listed on the Nasdaq Stock Exchange under the new ticker symbol “OPL”. RNG is a proven low-cost, low-carbon fuel that, when used in transportation, can reduce fuel costs by 40 to 70 percent per gallon when compared to diesel fuel. These significant fuel cost savings to fleet operators are generated while dramatically reducing the total carbon footprint of heavy-duty fleets. OPAL Fuels develops RNG “Capture & Conversion” projects, which capture fugitive methane emissions from landfill sites and dairy farms and converts them to pipeline quality RNG through purification and treatment, turning once harmful greenhouse gas emissions into a clean, renewable energy source. OPAL Fuels’ “Dispensing & Monetization” operations will supply this clean, renewable fuel source to heavy-duty trucking fleets with the reliability its customers demand via OPAL Fuels’ national network of fueling stations, which spans 42 states and is typically backed by fueling agreements averaging 10 years in duration. Click here for more information about the OPAL Fuels transaction.

• GES is acquiring part of the assets of Stargate Terminal from Gunvor Group and will develop over 20 hectares of vacant land.
• GES has ambitious plans to develop a large industrial site at Rotterdam for storage solutions for low carbon products to facilitate the energy transition.
• This is the first deal announced by the newly formed GES, a company with a focus on energy transition fuels and related services.

________________________________________ Global Energy Storage (GES) announces today its first major investment at Europoort in the Port of Rotterdam. It is buying an interest in part of the assets of the Stargate Terminal from Gunvor Group and will develop more than 20 hectares at the heart of the port. The deal has been formally approved by the Port of Rotterdam Authority. The site includes a significant waterfront with deep water access, brownfield development opportunities and potential greenfield development sites. Gunvor will be a long-term partner of GES at the Port of Rotterdam. “We’re pleased to be partnering with GES to further support the development of environmentally responsible projects in the port of Rotterdam,” said Shahb Richyal, Global Head of Portfolio at Gunvor Group. “This deal is in line with Gunvor’s strategy to support the advancement of Energy Transition initiatives at our key asset locations.” Gunvor also recently announced that its Rotterdam facility will supply to material science company Dow cracker-ready feedstock, which will be used to produce circular plastics. GES’ ambitious plans include the development of a new multi-purpose seagoing jetty, as well as developing infrastructure for:

• Consolidation of biofuel storage
• Storage for renewable fuels
• Gas storage
• Gas to chemicals production
• Green and blue hydrogen
• Hydrogen carriers such as ammonia

Peter Vucins said, “This project aims to become one of the largest low-carbon developments at a world-class industrial hub, with the potential to significantly reduce the carbon footprint of future business in the Port of Rotterdam. Alongside a new jetty that we aim to develop and low-carbon commodity infrastructure, we are also looking to become part of the logistics chain needed to import blue and green hydrogen. I hope this gives a glimpse of the size of our ambitions.” The Port of Rotterdam is Europe’s largest port, with deep-water access and world-class connectivity to inland waterways and pipeline infrastructure. Peter Vucins said, “The port is ideally placed for this development, which will bring low-carbon technology to one of the world’s great trading hubs that has taken a leading position in the energy transition with very significant and ambitious developments of its own.” GES has a focus on energy transition fuels and fuels-of-the-future. Its strategy is to concentrate on key global hubs, international cross-linked business, and long-term relationships with top-tier energy suppliers. Eric Arnold, Executive Chairman of GES, added, “This is the first of what we hope will be many deals. We are looking to develop an international network of storage and logistics infrastructure for low-carbon commodities. You can expect to see a rapid expansion across 2021-22.” GES was set up by the management team from Global Petro Storage (GPS), the leading operator and developer of energy and chemical assets. GES has a unique proposition:

• A proven management team with experience that is second-to-none
• Private Equity backing, meaning swift decisions and a longer-term view
• Exclusive focus on energy transition fuels

GES, which launched in May 2021, is backed by Bluewater, the specialist international private equity firm focused on the middle-market energy sector.

New entity Nyera to target sustainable investments in renewables, carbon capture Gunvor Group, one of the world’s largest physical energy commodities traders, has announced commitments in the areas of environment, social, and governance (ESG) targeting a 40% reduction in the company’s Scope 1 and 2 emissions by 2025. The commitments come as a part of Gunvor’s Sustainability Commitments 2021 document, which outlines how the company is navigating the Energy Transition. For Gunvor, the two most significant activities that generate greenhouse gas emissions are the company’s industrial activities, specifically its European oil refineries, and its shipping fleet, both owned and chartered. Gunvor has committed to taking significant steps to reduce and/or compensate scope 1 and 2 emissions by 35% and 95%, respectively, by 2025. Overall, Gunvor commits to both further improve the environmental impact of its current trading portfolio and invest in new sustainable commodities and businesses. The company determines that steps must be taken today to effectively manage, limit, and where possible eliminate emissions, given the role hydrocarbons play in the global energy mix today. At the same time, the commercial viability of sustainable sources of energy is being increasingly realized. As new commodities enter and grow, Gunvor will be a part of ensuring their safe and efficient movement to help balance markets. Gunvor’s 2021 Sustainability Commitments charter lays out the details of the plan. Gunvor Group has already begun to undertake the following:

• Established dedicated vehicle, Nyera (Swedish: “New Era”), to formalize non-fossil fuel investments comprising a minimum of 10% of net equity that, with leverage, is expected to amount to a commitment of at least half-billion dollars (USD).
• Areas of Nyera’s focus include carbon capture and storage, renewable fuels, renewable power, and alternative fuels, including ammonia and hydrogen.
• Company’s major credit lines will continue to embed specific sustainability-linked goals with linked KPIs.
• For existing and new trading, dedicated programs will be established to reduce emissions and environmental impact, while taking into account human rights considerations, in line with our commitment to the UNGPs on Business & Human Rights.
• Emissions from refineries will continue to decrease compared to 2019, through efficiency projects and a switch to renewable and carbon neutral electricity.
• 100% of owned ships and 75% of time charter shipping fleet will be “eco-vessels” by 2022, with an overall 100% before 2027.
• Gunvor is in the process of finalizing its assessment of Scope 3 emissions, including those linked to the traded commodities and voyage charters; the company commits to follow the IMO improvement in efficiency targets of 40% by 2030, as per Gunvor’s membership in the Sea Cargo Charter.

Additional detail can be found in the four-page Sustainability Commitments 2021 document. As a leading global physical commodities trading company, Gunvor Group is inherently equipped to be responsive to market changes, and the company’s success over the last 20 years is based on its ability to do so. While Gunvor has historically focused on the safe and efficient movement of crude oil and oil products, the company has been for more than a decade diversifying into new commodities and strategies in response to shifting markets and opportunities. About 50 percent of Gunvor’s trading today consists of “transitional” commodities, based on the EU Taxonomy, which includes biofuels, natural gas, and liquefied natural gas (LNG). The company has also ceased physical coal trading and acquired biofuels plants. Gunvor was the first physical energy trader to launch a sustainability-linked financing, directly tying its performance in 15 different ESG criteria (including emissions reduction) to the interest rate of a facility.