Gunvor Group (“Gunvor”) has mandated Deutsche Bank AG, London Branch (Bookrunner) and VTB Bank (Austria) AG as Mandated Lead Arrangers to arrange and underwrite a USD $100 million Secured Acquisition Facility (the “Facility”) to finance the acquisition of former Petroplus refinery and marketing activity in Ingolstadt, Germany.
Gunvor is pleased with the successful completion of this Facility considering the current challenging European refining market. This Facility, which is the first of its kind for this sector in Continental Europe in the recent years, recognizes the value of the Ingolstadt assets and confidence in Gunvor’s business plan.
Gunvor closed its acquisition of the assets in Ingolstadt on August 23, which consist of Gunvor Raffinerie Ingolstadt GmbH and the refinery’s German marketing arm, Gunvor Deutschland GmbH. The German companies, which have retained all of their more than 400 employees, serve the markets in Southern Germany und Upper Austria, and restored important fuel supply and competition to the land-locked area.
Recent Gunvor Ingolstadt news:
Gunvor Acquires Stake in TAL Pipeline (6 December)
Gunvor Starts Ingolstadt Refinery (27 August)
Recent Gunvor financings: