Gunvor Group (the “Group” or “Gunvor”) has successfully closed the refinancing of its US $500 million uncommitted secured revolving borrowing base facility (the “Facility”), which will initially refinance the maturing facility that had been signed in July 2013, before continuing to finance the Group’s refining and marketing activities in greater Bavaria and the surrounding countries.
The new facility, with Unicredit and Deutsche Bank as Bookrunners and Mandated Lead Arrangers, has successfully been renewed with the participation of the original lenders remaining at the same levels, although they sought bigger tickets. Gunvor maintained the size of the facility as it is defined by the volume flowing through the Ingolstadt refinery.
Gunvor’s German entities, which consist of more than 350 employees, comprise of Gunvor Raffinerie Ingolstadt GmbH, and the refinery’s German marketing company, Gunvor Deutschland GmbH. Both companies ensure the supply of fuel, heating oil and other important refined products in south Germany. They also contribute to a competitive environment in the bordering countries of Austria, Switzerland and Czech Republic.