Leading independent oil trader Gunvor International B.V., headquartered in Amsterdam, has signed a revolving one-year credit facility of USD 600m, successfully refinancing and extending last year’s debut of USD 370m. Just as the 2008 debut was oversubscribed, this year’s refinancing also attracted significant interest and original plans for a USD 450 mil. facility were extended by an additional USD 150 mil.
A total of 17 banks provided funds, made up of all existing lenders and a number of new ones not participating in last year’s facility. The consortium of banks was headed by BNP Paribas and Credit Suisse, this time joined as bookrunners by others who were among the arrangers of last year’s loans: Fortis Bank (Nederland) N.V., ING Bank N.V., Rabobank International, Societe Generale and Credit Agricole (Suisse) S.A.
A Gunvor spokesman commented: “This is the first time Gunvor has refinanced a syndicated loan and we are encouraged by the support shown to the company, particularly given current market conditions. The banks’ commitment is indicative of the trust they have in our business and confidence in our future growth plans. Gunvor has enjoyed rapid growth over the past decade, and we have plans to ensure continued expansion in existing and new markets.”
The funds available will be drawn down for use as working capital and as a reserve for margin calls.
The banks acting as arrangers are: Natixis, Sumitomo Mitsui Banking Corporation Europe Ltd, ICBC (London) Ltd, Raiffeisen Zentralbank Oesterreich AG, DBS Bank Ltd (London Branch), Deutsche Bank AG (Amsterdam Branch), BHF-Bank AG, Banque Cantonale de Genève and Union de Banques Arabes et Francaises.