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:
The participating banks in the Facility are as follows:
Mandated Lead Arrangers and Bookrunners