Gunvor Singapore Pte Ltd (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor Group”), has signed a USD 911.7 million syndicated revolving credit facility (the “Facility”). Initially launched at USD 550 million, the Facility was well received by the banking community and was oversubscribed by 65%. As a result, the Facility was increased and an accordion feature has been opened to accommodate additional participation.
“Gunvor’s banking partners have expressed clear trust and confidence in our company and strategy,” said Anbu Ramasamy, Regional CFO, Asia Pacific, Gunvor Singapore. “Thanks to our existing banks and many new ones which have joined this year, we are moving forward with considerable and diversified support for our Asia-Pacific operations.”
A total of 31 banks joined, including from Australia, China, Europe, India, Malaysia, the Middle East, Singapore, South Africa and Taiwan. DBS Bank Ltd. (“DBS”), Emirates NBD Capital Limited (“EMCAP”), ING Bank N.V., Singapore Branch (“ING”), Malayan Banking Berhad, Singapore Branch (“Maybank”), Oversea-Chinese Banking Corporation Limited (“OCBC”), Coöperatieve Central Raiffeisen-Boerenleenbank B.A., Singapore Branch (“Rabobank”), and Société Générale, Singapore Branch (“SG”), have been mandated by the Borrower as Bookrunning Mandated Lead Arrangers. DBS, ING, Rabobank and SG acted as Active Bookrunners.
Proceeds of the Facility, which is guaranteed by Gunvor Group, will be used for debt repayment and to finance the general corporate and working capital requirements of the Borrower.