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BNPP and RBI Successfully Closed 5-year USD 250 Mil. Secured Acquisition Security in Favour of Gunvor
6 June 2012

Gunvor Group Limited (“Gunvor”) has mandated BNP Paribas (“BNPP” or the “Coordinating MLA”) and Raiffeisen Bank International AG (“RBI”) (collectively the “Mandated Lead Arrangers & Bookrunners”) to arrange a US$ 250mn Secured Acquisition Facility (the “Facility) to finance 33.33% of the outstanding equity of the US based Signal Peak Energy coal mining operations and associated companies with a purchase price of US$ 400mn.The Facility was fully underwritten by the Bookrunners.

The Facility represented 62.5% of the total investment financing, coupled with equity contribution and Gunvor’s promissory notes for a total consideration of US$150mn representing the remaining 37.5% of the investment.

Gunvor formally became co-shareholder of Signal Peak upon signing of the Shares Purchase Agreement (“SPA”) on October 18th, 2011. The Facility was fully funded by both Mandated Lead Arrangers & Bookrunners.

The syndication was formally closed with full allocation to 11 investors on May 23rd, 2012. Natixis, Rabobank, ICICI, Caterpillar Financial Services, Credit Suisse, Raiffeisenlandesbank Niederösterreich-Wien, Banque Cantonale Vaudoise, VTB Bank (Austria) and Federated Project and Core Fund joined the deal.

The Mandated Lead Arrangers and Bookrunners together with Gunvor are extremely pleased with the conclusion of this successful syndication considering the complexity of the transaction and the difficult market environment.

Gunvor Group Ltd is one of the top 5 leading independent energy trading companies in the world providing trading and logistic solutions to off-takers in all major energy markets. A planned 5 new offices together with their 12 existing offices will ensure a global coverage with strong Asian focus stemming from continuing energy demand in that region. In 2011, total sales amounted to USD 87.3bn, a 27% increase compared to their total sales of USD68.6bn in 2010.

The Target, Signal Peak, is located in Montana, USA and has a unique high-Btu thermal coal mine with an extensive reserve base for roughly 30 years mining life span and secured port access to serve the Asian markets. With the completion of the acquisition, it will enable Gunvor Group Ltd to secure the thermal coal in meeting the Asian end-buyers’ demand.