Gunvor Singapore Pte Ltd (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US $1,041 million Syndicated Revolving Credit Facilities (the “Facilities”), which will support new activities and existing operations in the Asia Pacific. The Facilities launched at US $750 million, and as a result of strong support closed oversubscribed by almost 40 percent.
“As Gunvor continues to expand its presence in the Asia Pacific, we’re seeing considerable support for our strategy from our banking partners,” said Gunvor’s Regional CFO for Asia-Pacific Anbu Ramasamy. “Gunvor Singapore’s diversified platform has enabled us to perform well despite challenging market conditions.”
DBS Bank Ltd. (“DBS”), First Gulf Bank PJSC, Singapore Branch (“FGB”), ING Bank N.V., Singapore Branch (“ING”), Malayan Banking Berhad, Singapore Branch (“Maybank”), Oversea-Chinese Banking Corporation Limited (“OCBC”), Natixis, Singapore Branch (“Natixis”) and Coöperatieve Rabobank U.A. Singapore Branch (“Rabobank”) have been mandated as Bookrunning Mandated Lead Arrangers to jointly arrange the Facilities. DBS, FGB, ING, OCBC and Rabobank acted as Active Bookrunners.
ABN AMRO Bank N.V., Singapore Branch (“ABN”), Crédit Agricole Corporate & Investment Bank (“CACIB”), CTBC Bank Co., Ltd. (“CTBC”), Emirates NBD PJSC, Singapore Branch (“ENBD”),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, together with Arab Petroleum Investments Corporation (“APICORP”), ICICI Bank Limited, Singapore Branch (“ICICI”) and UBS AG, Singapore Branch (“UBS”) joining the deal as Mandated Lead Arrangers.
The Facilities support Gunvor’s established and continuing global growth strategy, which consists of geographic expansion, product diversification and investments along the value chain.