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Gunvor Closes USD 1.515 Billion Revolving Credit Facility

Gunvor Group Ltd (“Gunvor” or “Group”) has signed a USD 1.515 billion Revolving Credit Facility (RCF) in favor of Gunvor International B.V. and Gunvor SA (together the “Borrowers”). Launched at USD 1.2 billion, the RCF was significantly oversubscribed during syndication and was subsequently increased.

“The expanding commitment we see from our banking partners underscores the clear support that exists for Gunvor’s global growth strategy,” said Jacques Erni, Gunvor’s Chief Financial Officer. “Gunvor’s approach to financing—with broad and geographically diverse banking support—gives the company sound footing to effectively navigate dynamic market trends.”

Gunvor’s RCF, which works in conjunction with the company’s USD 850 million Asian RCF, provides for the Group’s short-term cash needs on top of existing trade and structured finance facilities. In addition, on a longer-term basis, the 3-year tranche complements Gunvor’s $500 million bond and individual project and acquisition financings.

ABN AMRO Bank N.V. (“ABN AMRO”), Crédit Agricole Corporate and Investment Bank (“Crédit Agricole CIB”), Credit Suisse AG, Gazprombank OJSC, ING Bank N.V. (“ING”), Natixis, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International) (“Rabobank”), The Royal Bank of Scotland plc. (“RBS”) and Societe Generale Corporate and Investment Banking (the corporate and investment banking division of Societe Generale) (“SG CIB”) acted as “Bookrunning Mandated Lead Arrangers” in the Facility. ABN AMRO, Crédit Agricole CIB, ING, Natixis, Rabobank International, and SG CIB were Active Bookrunners.

The Facility, which is guaranteed by the Group, will be used for general corporate purposes and to refinance the Borrowers’ USD 1.16 billion revolving credit facility. The RCF available to the Borrowers consists of two tranches:

  • Tranche A: USD 1,210,000,000, 364-day RCF
  • Tranche B: USD 305,000,000, 3-year RCF

The participating banks in the Facility are as follows:

Mandated Lead Arrangers and Bookrunners
Crédit Agricole CIB
Credit Suisse AG
Gazprombank OJSC
ING Bank N.V.
Rabobank International
The Royal Bank of Scotland plc
Societe Generale Corporate and Investment Banking (the corporate and investment banking division of Societe Generale)

Senior Mandated Lead Arranger

Mandated Lead Arrangers
DBS Bank Ltd., London Branch
Fifth Third Bank
Sberbank Europe AG
Unicredit Bank AG

Lead Arrangers
KfW IPEX-Bank GmbH
Bank Leumi (UK) plc
Deutsche Bank AG
Mashreqbank psc
Qatar National Bank SAQ
Raiffeisen Bank International AG / Raiffeisenlandesbank Niederösterreich-Wien AG
Sumitomo Mitsui Banking Corporation

Arab Bank (Switzerland) Ltd.
Nedbank Limited, London Branch
Banque Cantonale de Genève
ABC International Bank PLC
Banco do Brasil S.A.
Commerzbank AG
GarantiBank International N.V.
Goldman Sachs Bank USA
Israel Discount Bank Ltd., London branch
National Australia Bank Ltd
State Bank of India
Union de Banques Arabes et Françaises – UBAF

Lead Managers
Banque de Commerce et de Placements S.A.
BHF-BANK Aktiengesellschaft
DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
Hua Nan Commercial Bank, London Branch
Banque Cantonale Vaudoise
Mega International Commercial Bank