Gunvor Group Ltd (“Gunvor” or the “Group”) has signed on 28 November 2014 a US$ 1,090,000,000 Revolving Credit Facility (the “Facility”) in favor of Gunvor International B.V. and Gunvor SA (the “Borrowers”). The Facility will replace the maturing tranche of the Borrower’s Revolving Credit Facility dated 6 December 2013 and be used to finance general corporate and working capital requirements. The Facility was oversubscribed, having launched at US$ 900 million, and complements the existing US$ 305 million Facility that matures in 2016.
“We’re pleased to have the continuing support of our banking partners, as well as the participation of new banks,” said Jacques Erni, Gunvor Group CFO. “Gunvor continues to grow globally and our business strategy is on track.”
Gunvor launched its first Revolving Credit Facility in Europe in 2008, and it is now complemented by the Group’s Asian Revolving Credit Facilities, borrowing base facilities, and US$ 500 million bond. These facilities support Gunvor’s established and continuing global growth strategy, which consists of geographic expansion, product diversification, and investments along the value chain.
ABN AMRO Bank N.V. (“ABN AMRO”), Credit Suisse AG (“Credit Suisse”), DBS Bank Ltd, ING Bank N.V. (“ING”), Natixis, Rabobank, Société Générale Corporate & Investment Banking, and UBS AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. ABN AMRO, ING, Natixis, Rabobank and Société Générale Corporate & Investment Banking acted as Active Bookrunners and Credit Suisse as Facility and Swingline Agent.
The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:
The participating banks in the Facility are as follows:
Mandated Lead Arrangers and Bookrunners
Senior Mandated Lead Arranger
Mandated Lead Arrangers