Gunvor Singapore Pte Ltd (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US $1,135 million Syndicated Revolving Credit Facilities (the “Facilities”), which will support new activities and existing operations in the Asia Pacific. The Facilities were launched at US $800 million, and as a result of strong support from a total of 39 banks, closed oversubscribed by almost 42 percent.
“We’re pleased with the continuous support that we’ve seen for Gunvor’s business model and Asian growth strategy,” said Gunvor’s Regional CFO for Asia-Pacific Anbu Ramasamy. “As an expanding business, we benefit greatly from improved diversification and balance among our banking partners. This has meant we’ve been able to further improve our risk assessments when going into new markets, while optimizing financing perspectives. The banks’ response to this Facility has therefore strengthened our solid liquidity platform so we can operate confidently and with flexibility, despite challenging market conditions.”
DBS Bank Ltd. (“DBS”), ING Bank N.V., Singapore Branch (“ING”), Malayan Banking Berhad, Singapore Branch (“Maybank”), National Bank of Abu Dhabi P.J.S.C., Singapore Branch (“NBAD”), Natixis, Singapore Branch (“Natixis”), Oversea-Chinese Banking Corporation Limited (“OCBC”) and Coöperatieve Rabobank U.A. Singapore Branch (“Rabobank”) (each a “Bookrunning Mandated Lead Arranger” or “BMLA” and together the “BMLAs”) have been mandated to jointly arrange the Facilities. DBS, ING, NBAD, Natixis, and OCBC acted as Active Bookrunners.
ABN AMRO Bank N.V., Singapore Branch (“ABN”), Arab Petroleum Investments Corporation (APICORP) – Foreign Branch (“APICORP”), Crédit Agricole Corporate & Investment Bank (“CACIB”), CTBC Bank Co., Ltd. (“CTBC”), Emirates NBD PJSC, Singapore Branch (“Emirates”), Société Générale, Singapore Branch (“SG”), Sumitomo Mitsui Banking Corporation, Singapore Branch (“SMBC”) and United Overseas Bank Limited (“UOB”) have subsequently joined the deal as Senior Mandated Lead Arrangers. Mizuho Bank, Ltd. (“Mizuho”), UBS AG, Singapore Branch (“UBS”) and UniCredit Bank AG (“UniCredit”) joined the deal as Mandated Lead Arrangers.
China CITIC Bank International Limited Singapore Branch, Sumitomo Mitsui Trust Bank, Limited, Singapore Branch, Bank of Taiwan, Singapore Branch, FirstRand Bank Limited (acting through its Rand Merchant Bank Division), Hua Nan Commercial Bank, Ltd., Offshore Banking Branch, Mega International Commercial Bank Co., Ltd., Singapore Branch, PT Bank Mandiri (Persero) Tbk, Singapore Branch, Commercial Bank of Dubai PSC, Commerzbank Aktiengesellschaft, Singapore Branch, E.SUN Commercial Bank, Ltd., Singapore Branch, First Commercial Bank Ltd, Singapore Branch, Taishin International Bank Co., Ltd Singapore Branch, Taiwan Cooperative Bank, Offshore Banking Branch and The Korea Development Bank, Singapore Branch joined as Lead Arrangers.
The Facilities were also joined by the following Arrangers – National Bank of Fujairah PJSC, Macquarie Bank Limited Singapore Branch, NEC Capital Solutions Singapore Pte. Limited, P.T. Bank Negara Indonesia (Persero) Tbk Singapore Branch and Union de Banques Arabes et Francaises.
Post signing of the Facilities, Bank Sinopac had also committed to the deal as Arranger and will be acceded as a Lender upon exercise of the accordion feature of this deal in due course to accommodate additional interest in the Facilities. The Facilities support Gunvor’s established and continuing global growth strategy, which consists of geographic expansion, product diversification and investments along the value chain.