Gunvor Launches USD 1.2 Bil. Revolving Credit Facility

×

GENEVA (21 November 2023) – Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US $1.885 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA.

The Facility received strong support from Gunvor’s banking partners and attracted new banks, increasing the total amount of the facility from the previous year.

The RCF will be used for general corporate purposes, including the refinancing of the existing US $1,395,000,000 364-day tranche of the 2022 European Revolving Credit Facilities Agreement, dated 10 November 2022, and the US $290,000,000 3-year tranche of the 2021 European Revolving Credit Facilities Agreement dated 10 November 2021.

The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

Tranche A: US $1.535 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: US $350 million 3-year Revolving Credit Facility with one 364-day extension option

The Facility has a US $400 million Accordion Option and complements the existing US $280 million 3-year tranche of the 2022 European Revolving Credit Facilities Agreement.

Similar to last year’s Revolving Credit Facilities Agreement, the Facility includes four KPIs supporting the Group’s strong commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The KPIs relate to the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. Each KPI is annually tested and externally verified in line with LMA SLL principles.

"Gunvor is delighted with the continuous support we have received from our financing partners. The growing capacity of the facility along with the new lenders demonstrate the strong relationship the company has with its core banking group,” said Jeff Webster, Chief Financial Officer of Gunvor Group.

Arab Petroleum Investments Corporation (Apicorp), Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis CIB, SMBC Bank International Plc, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis CIB, SMBC Bank International Plc, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Natixis CIB and Société Générale acted as Joint Sustainability Coordinators of the Facility.

China Construction Bank Corporation, Beijing, Swiss Branch Zurich, Citibank N.A., Jersey Branch, Emirates NBD PJSC, Industrial and Commercial Bank of China Limited, London Branch and Mizuho Bank are Senior Mandated Lead Arrangers. Qatar National Bank (Q.P.S.C.) Paris Branch joined as a new Senior Mandated Lead Arranger.

DZ Bank AG and Erste Group Bank AG are Mandated Lead Arrangers.

KfW Ipex-Bank Limited and Sumitomo Mitsui Trust Bank, Limited (London Branch) are Lead Arrangers. China CITIC Bank Corporation Limited, London Branch joined as a new Lead Arranger.

ABC International Bank Plc, Afrasia Bank Limited, Arab Bank (Switzerland) Ltd, Banco BPM S.p.A, Banque de Commerce et de Placements, Bank of China Ltd, London Branch, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, GarantiBank International N.V., Habib Bank AG, Mashreqbank, Raiffeisen Bank International AG and Union de Banques Arabes et Françaises are Arrangers. CaixaBank S.A., DBS Bank Ltd., London Branch, First Commercial Bank London Branch and OTP Bank Plc. joined as a new Arrangers.

About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure—refineries, pipelines, storage and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2022, Gunvor Group generated US $150 billion in revenue on 165 million metric tons of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, Dubai, and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at GunvorGroup.com or @Gunvor.

×

Four new banks join existing lending group Gunvor Group Ltd (“Gunvor” or the “Group”) has refinanced and increased its Off Balance Sheet Instruments Revolving Credit Facility (“Facility”) to US $1.37 billion, up from US $990 million in 2022, in favour of Gunvor SA and Gunvor International B.V. The Facility received strong support from Gunvor’s existing banking and institutional partners and welcomed four new participants. The Facility will support Gunvor in connection with its obligations to issue directly or indirectly off-balance sheet instruments as part of its business in the form of standby letters of credit, bid bonds, performance bonds, and various other types of guarantee instruments. “The sizeable increase in the Facility reflects Gunvor’s growth over the past two years and our desire to expand globally,” said Jeff Webster, Gunvor’s Chief Financial Officer. “This is a clear demonstration of the commitment of our banking and insurance partners to support our strategy.” ING Bank N.V. (“ING”) acted as sole Coordinator and Documentation Agent in the Facility. Société Générale will continue its role as the Facility Agent and Coöperatieve Rabobank U.A., ING Bank N.V., Amsterdam, Lancy/Geneva Branch, Natixis, Raiffeisen Bank International AG, Société Générale and SMBC Bank International Plc are the Issuing Banks. The Facility, which was launched at US $1 billion was significantly oversubscribed after syndication and subsequently increased to US $1.37 billion. The participation banks and institutions in the Facility are as follows:

ABC International Bank Plc
Abu Dhabi Commercial Bank PJSC
Atradius
Bank of China Limited, London Branch
CA Indosuez (Switzerland) SA
China Construction Bank Corporation, Beijing, Swiss Branch Zurich
Commercial Bank of Dubai PSC
Commerzbank AG, London Branch
Coöperatieve Rabobank U.A.
Credendo Guarantees & Specialty Risks
Credit Suisse (Switzerland) Ltd.
DBS Bank Ltd., London Branch
Deutsche Bank AG, Amsterdam Branch
DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
Erste Group Bank AG
Euler Hermes SA
First Abu Dhabi Bank (PJSC)
HCC International Insurance Company Plc
Industrial and Commercial Bank of China Limited, London Branch
ING Bank N.V.
Liberty Mutual Insurance Europe SE
Lloyds Bank PLC
Markel Insurance SE
Mizuho Bank, Ltd
Natixis
Raiffeisen Bank International AG
SMBC Bank International plc
Société Générale
Sumitomo Mitsui Trust Bank, Limited (London Branch)
UBS Switzerland AG

×

Gunvor Singapore Pte. Ltd. (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US $1.035 billion sustainability-linked, syndicated revolving credit facility (the “Facility”) on 16 June 2023. The Facility, which was launched initially at US $550 million in April 2023, benefited from strong support from a total of 26 existing and new banks and closed significantly oversubscribed by over 88 percent, increasing the total facility amount from the previous year. The Borrower has further upsized the Facility by US $90 million via an accordion feature, which was structured to accommodate two banks that joined the Facility after June 2023, bringing the total Facility amount to US$1.125 billion as of 14 July 2023. The 364-day Facility, which is guaranteed by the Company and includes two 12-month extension options, is intended to refinance the Borrower’s existing indebtedness, and for general corporate and working capital purposes. This is the second time the Borrower is using the sustainability-linked loan structure, which was first introduced in the Company’s European flagship corporate facility in 2021 and adopted in the Asian RCF in 2022. It includes ambitious sustainability Key Performance Indicators (KPIs) covering climate change and Human Rights, which will be tested annually and verified externally, to showcase Gunvor’s commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The KPIs relate to the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the impact of the Group's assets, JVs and suppliers on Human Rights. "The successful renewal of our Asian RCF is the result of the deep collaboration between Gunvor and its banking partners, supported by our strong performance and positive outlook. We are also glad to welcome new lenders joining our anchor facility", said Jean Rohr, Gunvor’s Regional CFO for Asia-Pacific. Abu Dhabi Commercial Bank PJSC, China CITIC Bank International Limited, DBS Bank Ltd., MUFG Bank, Ltd., Natixis, Singapore Branch and Oversea-Chinese Banking Corporation Ltd were mandated to arrange the Facility and acted as the Active Bookrunning Mandated Lead Arrangers for the Facility, with Agricultural Bank of China Limited, Singapore Branch, Arab Petroleum Investments Corporation (APICORP), Emirates NBD Bank (P.J.S.C), Singapore Branch, First Abu Dhabi Bank PJSC – Singapore Branch and State Bank of India, Singapore Branch joined as the Bookrunning Mandated Lead Arrangers. Natixis, Singapore Branch also acted as Facility Agent and Sustainability Coordinator of the Facility. Coöperatieve Rabobank U.A., Singapore Branch, Crédit Agricole Corporate and Investment Bank, Singapore Branch and ING Bank N.V., Singapore Branch are Senior Mandated Lead Arrangers. Indian Bank, Singapore joined as a new Mandated Lead Arranger, whereas Credit Suisse (Switzerland) Ltd., Société Générale, a public limited company incorporated in France, acting through its Hong Kong branch, Mizuho Bank, Ltd and UBS AG, Singapore Branch remain as Mandated Lead Arrangers. Furthermore, Habib Bank Limited, Singapore Branch joined as a new Lead Arranger, while Krung Thai Bank Public Company Limited, Singapore Branch, Sumitomo Mitsui Banking Corporation Singapore Branch remain as Lead Arrangers. Sumitomo Mitsui Trust Bank, Limited Singapore Branch, Banque Internationale de Commerce - BRED (Suisse) SA, Commerzbank Aktiengesellschaft, Singapore Branch, National Bank of Fujairah PJSC and United Overseas Bank Limited remain as Arrangers, with BCP Bank (Mauritius) Ltd. joining as a new Arranger.

×

Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a USD 1.645 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. The Facility received strong support from both existing and new banking partners, increasing the total amount of the facility from the previous year. The RCF will be used for general corporate purposes, including the refinancing of the existing USD 1,175,000,000 364-day tranche of the 2021 European Revolving Credit Facilities Agreement, dated 10 November 2021, and the USD 220,000,000 3-year tranche of the 2020 European Revolving Credit Facilities Agreement dated 10 November 2020. The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

Tranche A: USD 1.375 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: USD 270 million 3-year Revolving Credit Facility with one 364-day extension option

The Facility, which has a USD 400 million Accordion Option, complements the existing USD 290 million 3-year tranche of the 2021 European Revolving Credit Facilities Agreement. After the introduction of ESG KPIs in the Group’s European flagship corporate facility in 2021, the Group adopted sustainability KPIs in its Asian RCF facility earlier this year. Gunvor has a strong commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The structure is composed of four KPIs relating to the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. The KPIs have been readopted and extended in this year’s European Revolving Credit Facilities Agreement. Each KPI is annually tested and externally verified. "Gunvor is delighted with the successful refinancing of its European revolving credit facility. Given the context of the considerable market and geopolitical turbulence of the year, the extension and increase of the facility demonstrates the clear strength and resilience of the relationship the company has with its banking partners,” said Jeff Webster, Group Chief Financial Officer of Gunvor Group. “We deeply appreciate the long-standing support of our core banking group and are pleased to welcome a new bank to the facility. The continued inclusion of sustainability KPIs further reinforces Gunvor’s commitment to advancing an ESG agenda in support of the Energy Transition.” Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Natixis and Société Générale acted as Joint Sustainability Coordinators of the Facility. Arab Petroleum Investments Corporation (Apicorp) - Foreign Branch remained Bookrunning Mandated Lead Arranger. Emirates NBD PJSC, Citibank N.A., Jersey Branch, Industrial and Commercial Bank of China Limited, London Branch and Mizuho Bank are Senior Mandated Lead Arranger. China Construction Bank Corporation, Beijing, Swiss Branch Zurich and DZ Bank AG remain/areas Mandated Lead Arrangers. Erste Group Bank AG and Sumitomo Mitsui Trust Bank, Limited (London Branch) are Lead Arrangers. Arab Banking Corporation SA, Arab Bank (Switzerland) Ltd, Banque de Commerce et de Placements, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, Habib Bank AG, KfW Ipex-Bank Limited, Mashreqbank, Raiffeisen Bank International AG are Arrangers. Bank of China Ltd, London Branch joined as a new Arranger. Afrasia Bank Limited, GarantiBank International N.V. and Union de Banques Arabes et Françaises remain as Participant.

×

Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a USD 1.645 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. The Facility received strong support from both existing and new banking partners, increasing the total amount of the facility from the previous year. The RCF will be used for general corporate purposes, including the refinancing of the existing USD 1,175,000,000 364-day tranche of the 2021 European Revolving Credit Facilities Agreement, dated 10 November 2021, and the USD 220,000,000 3-year tranche of the 2020 European Revolving Credit Facilities Agreement dated 10 November 2020. The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

Tranche A: USD 1.375 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: USD 270 million 3-year Revolving Credit Facility with one 364-day extension option

The Facility, which has a USD 400 million Accordion Option, complements the existing USD 290 million 3-year tranche of the 2021 European Revolving Credit Facilities Agreement. After the introduction of ESG KPIs in the Group’s European flagship corporate facility in 2021, the Group adopted sustainability KPIs in its Asian RCF facility earlier this year. Gunvor has a strong commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The structure is composed of four KPIs relating to the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. The KPIs have been readopted and extended in this year’s European Revolving Credit Facilities Agreement. Each KPI is annually tested and externally verified. "Gunvor is delighted with the successful refinancing of its European revolving credit facility. Given the context of the considerable market and geopolitical turbulence of the year, the extension and increase of the facility demonstrates the clear strength and resilience of the relationship the company has with its banking partners,” said Jeff Webster, Group Chief Financial Officer of Gunvor Group. “We deeply appreciate the long-standing support of our core banking group and are pleased to welcome a new bank to the facility. The continued inclusion of sustainability KPIs further reinforces Gunvor’s commitment to advancing an ESG agenda in support of the Energy Transition.” Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Natixis and Société Générale acted as Joint Sustainability Coordinators of the Facility. Arab Petroleum Investments Corporation (Apicorp) - Foreign Branch remained Bookrunning Mandated Lead Arranger. Emirates NBD PJSC, Citibank N.A., Jersey Branch, Industrial and Commercial Bank of China Limited, London Branch and Mizuho Bank are Senior Mandated Lead Arranger. China Construction Bank Corporation, Beijing, Swiss Branch Zurich and DZ Bank AG remain/areas Mandated Lead Arrangers. Erste Group Bank AG and Sumitomo Mitsui Trust Bank, Limited (London Branch) are Lead Arrangers. Arab Banking Corporation SA, Arab Bank (Switzerland) Ltd, Banque de Commerce et de Placements, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, Habib Bank AG, KfW Ipex-Bank Limited, Mashreqbank, Raiffeisen Bank International AG are Arrangers. Bank of China Ltd, London Branch joined as a new Arranger. Afrasia Bank Limited, GarantiBank International N.V. and Union de Banques Arabes et Françaises remain as Participant.

×

SINGAPORE (23 June 2022) – Gunvor Singapore Pte. Ltd. (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US$912 million sustainability-linked, syndicated revolving credit facility (the “Facility”) on 20 June 2022. The Facility, which was launched initially at US$500 million in April 2022, benefited from strong support from a total of 23 banks and closed significantly oversubscribed by over 82 per cent, increasing the total facility amount from the previous year. The Borrower may look to upsize the Facility further via an up to US$200 million accordion feature, which was structured to accommodate banks that are interested to join the Facility after June 2022. The 364-day Facility, which is guaranteed by the Company and includes an extension option to extend by up to 12 months, is intended to refinance the Borrower’s existing indebtedness, and for general corporate and working capital requirements. This is also the first-time for the Borrower to implement a sustainability-linked loan structure, including ambitious ESG Key Performance Indicators covering climate, energy transition and human rights, which will be tested annually and verified externally, to showcase Gunvor’s commitment to sustainability. The KPIs relate to the reduction of scope 1 and 2 emissions; the improvement of energy efficiency of the shipping fleet and reduction of scope 3 emissions; and the assessment of the Group’s assets and JVs against Human Right principles. “We are grateful for the tremendous support from our banking partners during this extremely challenging period of record volatility and uncertainty” said Regional CFO Jean Rohr. “Our partners found confidence in our strong financial results, solid liquidity management and commitment to the energy transition”. China CITIC Bank International Limited, DBS Bank Ltd., and Natixis, Singapore Branch are the active bookrunning mandated lead arrangers for the Facility, with Abu Dhabi Commercial Bank PJSC, Agricultural Bank of China Limited, Singapore Branch, Emirates NBD Bank (P.J.S.C), Singapore Branch and MUFG Bank, Ltd., Singapore Branch as the bookrunning mandated lead arrangers. Coöperatieve Rabobank U.A., Singapore Branch, First Abu Dhabi Bank P.J.S.C., Singapore Branch, Crédit Agricole Corporate and Investment Bank, Singapore Branch, ING Bank N.V., Singapore Branch are senior mandated lead arrangers, while Oversea-Chinese Banking Corporation Limited, Credit Suisse (Switzerland) Ltd., UBS AG, Singapore Branch, Mizuho Bank, Ltd., SOCIÉTÉ GÉNÉRALE, a public limited company incorporated in France, acting through its Hong Kong branch are mandated lead arrangers. Furthermore, Krung Thai Bank Public Company Limited, Singapore Branch, Sumitomo Mitsui Banking Corporation Singapore Branch joined the Facility as lead arrangers, while Sumitomo Mitsui Trust Bank, Limited Singapore Branch, Banque Internationale de Commerce-BRED (Suisse) SA, National Bank of Fujairah PJSC, United Overseas Bank Limited and Commerzbank Aktiengesellschaft, Singapore Branch joined as arrangers. The Facility supports Gunvor’s established and continuing global growth strategy, which consists of geographic expansion, product diversification and investments along the value chain.

×

Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a USD 1.455 billion sustainability-linked revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. The Facility received strong support from Gunvor’s banking partners and attracted new banks, increasing the total facility amount from the previous year. The RCF will be used for general corporate purposes, including the refinancing of the USD 1.050 billion 364-day tranche of the 2020 European Revolving Credit Facilities Agreement and the USD 330 million 3-year tranche of the 2018 European Revolving Credit Facilities Agreement, amended in November 2019. The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

Tranche A: USD 1.175 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: USD 280 million 3-year Revolving Credit Facility with one 364-day extension option

The Facility has USD 400 million Accordion Option. The Facility complements the existing USD 220 million 3-year tranche of the 2020 European Revolving Credit Facilities Agreement. For the first time, Gunvor introduced ESG KPIs in the Group’s flagship corporate facility, demonstrating Gunvor’s strong commitment to improve the environmental impact of its current trading operations and invest into new sustainable commodities and businesses. The new structure is composed of four KPIs that will be annually tested and externally verified, relating to the reduction of scope 1 and 2 emissions; the improvement of energy efficiency of the shipping fleet and reduction of scope 3 emissions; the investment into non fossil fuel projects; and the assessment of the Group’s assets and JVs against Human Right principles. “Gunvor is very pleased with the strong, continued support of our banking partners, whose confidence in our strategy and business model is clear,” said Gunvor Group CFO Muriel Schwab. “In the last year, Gunvor has further developed our ESG commitments, embedding our sustainability KPIs in our financings—such as targeting a 40% reduction in Scope 1 and 2 emissions by 2025, setting investment targets in renewables and alternative fuels, and assessing our joint-ventures on human rights. The sustainability KPIs embedded in our financing are fully aligned with those commitments reinforcing Gunvor’s resilient funding model and paving the way for further global growth ahead.” The Group maintains over USD 18 billion in financing lines, with main facilities that include Gunvor Singapore’s USD 850 million revolving credit facility and Gunvor USA’s USD 1.33 billion borrowing base facility. The Group further diversified its financing into areas such as sustainability-linked borrowing base facilities and recently completed an unrated bond issuance on the Irish Stock Exchange. Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Natixis and Société Générale acted as Joint Sustainability Coordinators of the Facility. Arab Petroleum Investments Corporation (Apicorp) - Foreign Branch joined during syndication as a Bookrunning Mandated Lead Arranger. Emirates NBD PJSC, Mizuho Bank Ltd, Citibank N.A., Jersey Branch, and Industrial and Commercial Bank of China Limited, London Branch joined as Senior Mandated Lead Arranger. China Construction Bank Corporation, Beijing, Swiss Branch Zurich and DZ Bank AG joined as Mandated Lead Arrangers. Erste Bank AG, MUFG and Sumitomo Mitsui Trust Bank, Limited (London Branch) joined as Lead Arrangers. ABC International Bank Plc Paris Branch, Arab Bank (Switzerland) Ltd, Banque de Commerce et de Placements, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, First Abu Dhabi Bank PJSC, GarantiBank International N.V., Habib Bank AG, KfW Ipex-Bank Limited, Mashreqbank and Raiffeisen Bank International AG joined as Arrangers. Afrasia Bank Limited and Union de Banques Arabes et Françaises joined as Participants.

×

Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a USD 1.455 billion sustainability-linked revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. The Facility received strong support from Gunvor’s banking partners and attracted new banks, increasing the total facility amount from the previous year. The RCF will be used for general corporate purposes, including the refinancing of the USD 1.050 billion 364-day tranche of the 2020 European Revolving Credit Facilities Agreement and the USD 330 million 3-year tranche of the 2018 European Revolving Credit Facilities Agreement, amended in November 2019. The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

Tranche A: USD 1.175 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: USD 280 million 3-year Revolving Credit Facility with one 364-day extension option

The Facility has USD 400 million Accordion Option. The Facility complements the existing USD 220 million 3-year tranche of the 2020 European Revolving Credit Facilities Agreement. For the first time, Gunvor introduced ESG KPIs in the Group’s flagship corporate facility, demonstrating Gunvor’s strong commitment to improve the environmental impact of its current trading operations and invest into new sustainable commodities and businesses. The new structure is composed of four KPIs that will be annually tested and externally verified, relating to the reduction of scope 1 and 2 emissions; the improvement of energy efficiency of the shipping fleet and reduction of scope 3 emissions; the investment into non fossil fuel projects; and the assessment of the Group’s assets and JVs against Human Right principles. “Gunvor is very pleased with the strong, continued support of our banking partners, whose confidence in our strategy and business model is clear,” said Gunvor Group CFO Muriel Schwab. “In the last year, Gunvor has further developed our ESG commitments, embedding our sustainability KPIs in our financings—such as targeting a 40% reduction in Scope 1 and 2 emissions by 2025, setting investment targets in renewables and alternative fuels, and assessing our joint-ventures on human rights. The sustainability KPIs embedded in our financing are fully aligned with those commitments reinforcing Gunvor’s resilient funding model and paving the way for further global growth ahead.” The Group maintains over USD 18 billion in financing lines, with main facilities that include Gunvor Singapore’s USD 850 million revolving credit facility and Gunvor USA’s USD 1.33 billion borrowing base facility. The Group further diversified its financing into areas such as sustainability-linked borrowing base facilities and recently completed an unrated bond issuance on the Irish Stock Exchange. Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Natixis and Société Générale acted as Joint Sustainability Coordinators of the Facility. Arab Petroleum Investments Corporation (Apicorp) - Foreign Branch joined during syndication as a Bookrunning Mandated Lead Arranger. Emirates NBD PJSC, Mizuho Bank Ltd, Citibank N.A., Jersey Branch, and Industrial and Commercial Bank of China Limited, London Branch joined as Senior Mandated Lead Arranger. China Construction Bank Corporation, Beijing, Swiss Branch Zurich and DZ Bank AG joined as Mandated Lead Arrangers. Erste Bank AG, MUFG and Sumitomo Mitsui Trust Bank, Limited (London Branch) joined as Lead Arrangers. ABC International Bank Plc Paris Branch, Arab Bank (Switzerland) Ltd, Banque de Commerce et de Placements, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, First Abu Dhabi Bank PJSC, GarantiBank International N.V., Habib Bank AG, KfW Ipex-Bank Limited, Mashreqbank and Raiffeisen Bank International AG joined as Arrangers. Afrasia Bank Limited and Union de Banques Arabes et Françaises joined as Participants.

News