Gunvor Singapore Pte Ltd (the “Borrower”), a wholly-owned subsidiary of Gunvor Group (“Gunvor”, or the “Company”), has closed a US $536.6 mil. syndicated revolving credit facility (the “Facility”), which will support existing operations in the Asia-Pacific region. The Facility was oversubscribed, having launched at US $350 mil. Due to continuing interest from banks, Gunvor has incorporated an accordion feature to accommodate additional participation.
The stand-alone Asian Facility, first launched in 2012, is now complemented by its borrowing base facilities, as well as Gunvor’s US $500 mil. bond and the US $1.535 bil. European RCF, which had been increased significantly in December 2013. These support Gunvor’s established and continuing global growth strategy, which consists of geographic expansion, product diversification, and investments along the value chain.
Bookrunners and mandated lead arrangers of the Facility are Arab Petroleum Investments Corporation (APICORP) – Foreign Branch, DBS Bank Ltd., First Gulf Bank PJSC, Singapore Branch, ING Bank N.V., Singapore Branch, Malayan Banking Berhad, Singapore Branch, Société Générale Corporate & Investment Banking and ABN AMRO Bank N.V., Singapore Branch. Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International) joined as a MLA prior to launch of syndication.
The Facility, which is guaranteed by the Company, will be used to refinance the Borrower’s revolving credit facility dated 6 June 2013 and to finance general corporate and working capital requirements of the Borrower. The Facility will be offered in two tranches with a 1-year and 3-year tenor respectively. Currently, with the existing US $135 mil., 3-year tranche of the Asian RCF, the total RCF amount available for Asia is US $671.6 mil.