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Gunvor Closes Oversubscribed USD 400 Mil. Middle East Borrowing Base

1 August 2013

Gunvor Group, here comprising Gunvor S.A, Gunvor Middle East DMCC and Gunvor Singapore Pte Ltd, (together “Gunvor” or the “Company”) has signed USD 400 mil. secured uncommitted borrowing base facilities (the “Facilities”). The Facilities available to the Borrowers, launched at USD 300 mil. and were significantly oversubscribed, enabling an increase to USD 400 mil. and a downscale of the lenders.

The Facilities were arranged by ABN AMRO Bank N.V. (the “Bookrunner and Mandated Lead Arranger”). Arab Petroleum Investments Corporation (APICORP) and Gulf International Bank B.S.C. have joined the Facilities as Early Bird Mandated Lead Arrangers (the “Early Bird MLAs”) prior to general syndication. Additionally, Mashreqbank psc has joined the Facilities with a top tier ticket in general syndication (together with the Bookrunner and the Early Bird MLAs the “Mandated Lead Arranger Group”).

The Facilities, which are guaranteed by the Company, will be used to finance working capital needs in respect of purchase of oil products, margin calls with the hedge providers and receivables related to physical transactions in the Middle-East region.

The Facilities consist of two tranches:

  • Tranche A: US$ 145,000,000 secured uncommitted loan facility
  • Tranche B: US$ 255,000,000 secured uncommitted bilateral facilities

The Facilities are part of Gunvor’s global geographic expansion and its diversification of financing to support new investments and existing operations. Gunvor first opened a Middle East representative office in 2009 and formalised its presence in 2010 through the establishment of Gunvor Middle East DMCC, located in Dubai, United Arab Emirates. In three years, Gunvor has become one of the region’s main traders and continues to expand with a focus on long-term investment in the Middle East.

The participating banks in the Facilities are as follows:

Mandated Lead Arranger and Bookrunner
ABN AMRO Bank N.V.

Mandated Lead Arrangers
Arab Petroleum Investments Corporation (APICORP)
Gulf International Bank B.S.C.
Mashreqbank psc

Arrangers
Arab Bank (Switzerland) Ltd.
Dohabank Q.S.C.
Emirates NBD PJSC, London Branch
Nedbank Limited, London Branch
Qatar National Bank S.A.Q.

Co-Arranger
British Arab Commercial Bank plc

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