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.