Gunvor Group has successfully closed a €450 million borrowing base facility to support ongoing operations and provide working capital for its oil refinery in Ingolstadt, Germany. The 1-year revolving facility launched at €400 million and was significantly oversubscribed, reflecting a strong appetite by the market. This Euro-denominated borrowing base facility replaces an existing USD denominated borrowing base facility and a EUR receivables factoring program.
UniCredit served as Bookrunner and Mandated Lead Arranger (BMLA). Deutsche Bank AG, Amsterdam Branch and DZ Bank AG served as Mandated Lead Arrangers (MLA), HSH Nordbank Ag and KFW Ipex-Bank GmbH as Lead Arrangers, while Raiffeisen Bank International AG, Industrial and Commercial Bank of China Limited London, Erste Group Bank AG London Branch and Commerzbank London Branch joined at Arranger level. The last three banks mentioned joined the facility as new lenders.
Gunvor’s German entities, which consist of more than 400 employees, comprise of Gunvor Raffinerie Ingolstadt GmbH and the refinery’s marketing company, Gunvor Deutschland GmbH. Both companies ensure the supply of fuel, heating oil and other important refined products in Southern Germany. They also contribute to a competitive environment in the bordering countries of Austria, Switzerland and Czech Republic.