Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US$ 1.36 billion Revolving Credit Facility (the “Facility”) in favor of Gunvor International B.V. and Gunvor SA (the “Borrowers”). The Facility will replace the maturing Tranche A (US$ 1.025 billion) of the Borrower’s Revolving Credit Facility dated 28 November 2014 and refinance Tranche B (US$ 305 million) of the US$ 1.515 billion Facility dated 6 December 2013.
“We’re pleased with the current conditions for the Facility and in particular with the fact that both the amount raised and the number of banks participating have continued to increase,” said Jacques Erni, CFO Gunvor Group. “This has been a good year for Gunvor’s RCFs, both in Europe and Asia, showing that there continues to be liquidity in the market for companies with strong fundamentals.”
The Facility which was oversubscribed from launch at US$ 1.1 billion will be used to finance general corporate purposes and working capital requirements. Gunvor first launched its Revolving Credit Facility in Europe in 2008, and it is now complemented by the Group’s Asian Revolving Credit Facilities, Borrowing Base facilities and OBSI Facility. 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”), Crédit Agricole Corporate and Investment Bank (“CACIB”), Credit Suisse AG (“Credit Suisse”), DBS Bank Ltd (“DBS”), ING Bank N.V. (“ING”), Natixis (“Natixis“), Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank“), Société Générale Corporate & Investment Banking (the corporate and investment banking division of Société Générale) (“SGCIB“), UBS Switzerland AG (“UBS“) and UniCredit Bank AG (“UniCredit”) (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. ABN AMRO, ING, Natixis, Rabobank and SGCIB 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:
- Tranche A: US$ 1.15 billion 364-day revolving credit facility with a 364-day extension option
- Tranche B: US$ 210 million 3-year revolving credit facility with a 364-day extension option
The participating banks in the Facility are as follows:
Mandated Lead Arrangers and Bookrunners
- ABN AMRO
- CACIB
- Credit Suisse
- DBS
- ING
- Natixis
- Rabobank
- SGCIB
- UBS
- Unicredit
Lead Arrangers
- Nedbank Ltd, London Branch (acting through its Corporate and Investment Banking division)
- Raiffeisen Bank International AG / Raiffeisenlandesbank Niederösterreich-Wien AG
Arrangers
- Deutsche Bank AG, Amsterdam Branch
- Mizuho Bank, Ltd
- Bank ABC
- Banque Cantonale de Genève
- BHF-Bank Aktiengesellschaft
- Commerzbank AG, London Branch
- Goldman Sachs
- Habib Bank AG Zurich
- KfW IPEX-Bank
- Mashreqbank PSC
- Sumitomo Mitsui Trust Bank, Limited (London Branch)
- Arab Bank (Switzerland) Ltd
- Emirates NBD PJSC, London Branch
- Union de Banques Arabes et Françaises (UBAF)
- Banque de Commerce et de Placements S.A.
- BMCE Bank International – Madrid
- DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
- Attijariwafa Bank Europe