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Gunvor secures usd 1.69 billion revolving credit facility

GENEVA (8 November 2019) – Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a USD 1.69 billion revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. Initially launched at USD 1 billion, the Facility received strong support from Gunvor’s banking partners and closed substantially over-subscribed. The RCF will be used to finance general corporate purposes and working capital requirements.

 “Gunvor has undergone a significant overhaul during the last year, revising governance, our approach to risk, and investing considerably into our trading teams,” said Gunvor Group CFO Muriel Schwab. “The backing of our banking partners has been essential to this process, and the clear support we’ve received further validates our strategy going forward.”

The Group maintains about USD 20 billion in financing lines, with main facilities that include Gunvor Singapore’s USD 635 million revolving credit facility and Gunvor USA’s USD 1.1 billion borrowing base. The Group has further diversified its financing into areas such as sustainability-linked facilities, a first for the physical energy trading industry.

The RCF will amend and extend the A and B tranches of Gunvor’s European revolving credit facility, consisting of the existing USD 1.68 billion facility (dated 16 November 2018) and tranche B of USD 250 million 2017 facility (dated 15 November 2017).

ABN AMRO Bank N.V., Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, Credit Suisse (Switzerland) Ltd., DBS Bank Ltd., ING Bank N.V., Natixis, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. ABN AMRO Bank N.V., Coöperatieve Rabobank U.A., ING Bank N.V., Natixis and Société Générale acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent.

Emirates NBD PJSC and China Construction Bank, Beijing, Swiss Branch Zurich, joined as Senior Mandated Lead Arrangers.

DZ Bank AG, Nedbank and KfW-IPEX Bank joined as Mandated Lead Arrangers.

Mizuho Bank Ltd, Citigroup Global markets Limited, APICORP, Sumitomo Mitsui Trust Bank, Commerzbank, MUFG Bank Ltd and Sumitomo Mitsui Banking Corporation Europe Limited joined as Lead Arrangers.

Mashreqbank, Raiffeisen Bank International AG, Arab Bank (Switzerland) Ltd, Bank ABC, Banque de Commerce et de Placements SA, Erste Bank AG, Garanti Bank International, Habib Bank AG and ICBC joined as Arrangers.

Goldman Sachs and UBAF joined as Participants.