Gunvor Group, one of the largest independent commodities trading companies in the world, has successfully closed a JPY27 billion (approximately US $236 million) 3-year term loan, representing the company’s first Japanese Yen (JPY) denominated transaction (“Samurai” loan). The facility was the first syndicated Samurai loan on the market to be linked to TONA, the successor of the JPY Libor. Fourteen financial institutions participated in the syndicated term loan. The funds will be used to finance general corporate purposes.
“We are very pleased with the significant support from our Japanese financial institution partners, which reflects confidence in our business model, strategy, and clear, underlying sustainability commitments. The transaction closed at a competitive price compared to margins recently seen in other markets,” said Muriel Schwab, Chief Financial Officer, Gunvor Group. “This new Samurai loan further advances Gunvor’s strategy of diversifying our funding sources and lengthening our long-term debt profile, complementing the raising of US $300 million through a bond earlier this year.”
Mizuho Bank, Ltd., MUFG Bank, Ltd., and SMBC Bank International, PLC, acted as Joint Active Bookrunners & Mandated Lead Arrangers.