Locally-sourced borrowing base supports operations at German refinery
Gunvor Group has signed a new, locally-sourced USD 500 million borrowing base revolving credit facility (the “Facility”) to finance the working capital needs of the company’s refinery in Ingolstadt, Germany.
UniCredit Bank AG and Deutsche Bank AG led the facility as Bookrunning Mandated Lead Arrangers, and UniCredit Bank AG acted as Coordinator. The 360-day revolving facility has been placed in Germany and Austria and was comfortably oversubscribed. It further diversifies Gunvor’s banking relationships.
Coupled with Gunvor’s recent completion of a EUR 225 mil. receivables financing deal, the Facility establishes a healthy foundation for sustainable, long-term operations at the German refinery.