Gunvor Group Ltd (“Gunvor” or the “Group”) is pleased to announce the launch of a US$ 800,000,000 revolving credit facility (the “Facility”) in favour of Gunvor International B.V. and Gunvor SA (the “Borrowers”). The launch is a part of Gunvor’s successful strategy to both grow and diversify its financing to support new investments and existing operations.
ABN AMRO Bank N.V. (“ABN AMRO”), Crédit Agricole Corporate and Investment Bank (“Crédit Agricole CIB”), Credit Suisse AG, ING Bank N.V. (“ING Bank”), Natixis, Rabobank International (“Rabobank”) and Société Générale Corporate & Investment Banking (“Société Générale CIB”) (together the “Bookrunning Mandated Lead Arrangers”) have been mandated to arrange the Facility. ABN AMRO, Crédit Agricole CIB, ING Bank, Rabobank and Société Générale CIB will act as Active Bookrunners.
The Facility consists of two tranches:
Gunvor has traditionally been financed by means of one global facility, but the Group has effectively sought to diversify its funding. On 12 June 2012, Gunvor successfully refinanced the maturing US$ 463,000,000 364-day Asian tranche under its US$ 1,550,000,000 revolving credit facility dated 21 June 2011 (the “Existing Facility”) with a US$ 635,000,000 364-day revolving credit facility which was significantly oversubscribed after launching at US$ 450,000,000.
Simultaneously, Gunvor extended the maturity date of its 364-day European tranche under the Existing Facility by six months in order to separate the maturity dates of the Asian and European facilities. Following this recent success Gunvor International B.V. and Gunvor SA are now seeking to refinance the extended 364-day and the 3-year European tranches under the Existing Facility with a new US $800,000,000 revolving credit facility.
The following tickets are on offer:
Status | Total Commitment | Of which 3-year Commitment
Senior Mandated Lead Arranger | US$55,000,000 | Up to US$15m
Mandated Lead Arranger | US$40,000,000 | Up to US$15m
Lead Arranger | US$25,000,000 | Up to US$15m
Arranger | US$10,000,000 | Up to US$10m