Gunvor Group, here comprising Gunvor S.A, Gunvor Middle East DMCC and Gunvor Singapore Pte Ltd, (together “Gunvor” or the “Company”) has launched the syndication of a USD 300 million secured uncommitted borrowing base revolving credit facilities (the “Facilities”), which will be used to finance working capital needs for the purchase of oil products and LNG, and for receivables related to physical transactions in the Middle East region.
ABN AMRO Bank N.V. (“ABN AMRO”) acting through its Dubai International Financial Center Branch has been appointed as Bookrunner and Mandated Lead Arranger. In addition, Arab Petroleum Investments Corporation (APICORP) and Gulf International Bank B.S.C. have joined the Facilities as Early Bird Mandated Lead Arrangers (together with the Bookrunner the “Mandated Lead Arranger Group”). Qatar National Bank has joined the transaction as an Arranger prior to General Syndication.
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 rep office in 2009, and formalized 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.
Gunvor will be hosting a bank meeting on 15 April in Dubai.