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Gunvor secures us$830 million asia rcf with 85% oversubscription
21 June 2021
SINGAPORE — Gunvor Singapore Pte. Ltd. (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US$830 million syndicated revolving credit facility (the “Facility”) on 21 June 2021.
The Facility, which was launched initially at US$450 million in April 2021, benefited from strong support from a total of 25 banks and was closed significantly oversubscribed by about 85 percent.
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 US$450 million revolving credit facility dated 22 June 2020 and for general corporate and working capital requirements.
“Our banking partners have demonstrated clear confidence in Gunvor’s strategy and business model as we navigate the continued tumult of the commodities markets. Our liquidityLiquidity is a term commonly used in the energy commodities trading sector, referring to the extent to which a specific market or asset can be easily bought or sold without... Read more and funding model prove to be very resilient in volatile market conditions,” said Regional CFO Jean Rohr. “We appreciate our partners’ clear support for our business priorities along the energy transitionEnergy Transition refers to the global shift from traditional fossil-fuel based energy systems to more sustainable and renewable sources of energy. It involves the gradual transformation of the energy sector,... Read more, approach to corporate governance, and risk managementRisk management refers to the process of identifying, assessing, and prioritizing potential risks in order to minimize their negative impact on an organization or individual. In the energy commodities trading... Read more.
DBS Bank Ltd., Natixis, Singapore Branch and Oversea-Chinese Banking Corporation Limited are the active bookrunning mandated lead arrangers for the Facility, with Emirates NBD Bank (P.J.S.C), Singapore Branch and ING Bank N.V., Singapore Branch as the bookrunning mandated lead arrangers.
Coöperatieve Rabobank U.A., Singapore Branch, Arab Petroleum Investments Corporation (APICORP), China CITIC Bank International Limited Singapore Branch, Crédit Agricole Corporate and Investment Bank, Singapore Branch and Malayan Banking Berhad, Singapore Branch, are senior mandated lead arrangers, while Credit Suisse (Switzerland) Ltd., UBS AG, Singapore Branch, Mizuho Bank, Ltd., National Bank of Fujairah PJSC and Société Générale Corporate and Investment Banking are mandated lead arrangers.
Furthermore, Abu Dhabi Commercial Bank PJSC (ADCB), MUFG Bank, Ltd., Singapore Branch, First Abu Dhabi Bank P.J.S.C. and 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, United Overseas Bank Limited, Attijariwafa Bank Europe, Commerzbank Aktiengesellschaft, Singapore Branch and Taichung Commercial Bank Co., Ltd., Offshore Banking 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.
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