Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US $1.68 billion Revolving Credit Facility (“Facility”) in favour of Gunvor International B.V. and Gunvor SA.
The Facility, which saw a 20% increase, will replace the maturing Tranche A of the existing US $1.39 billion Facility dated 15 November 2017 and Tranche B of the US $1.67 billion Facility dated 17 November 2016. Initially launched at US $1.1 billion, the Facility was very well received by the banks and closed substantially over-subscribed. It will be used to finance general corporate purposes and working capital requirements.
“The confidence our banking partners have in Gunvor’s strategy is reflected in the strong support we’ve seen for this year’s RCF,” said Jacques Erni, CFO, Gunvor Group. “Gunvor remains well positioned as the industry faces challenging market conditions.”
The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:
ABN AMRO Bank N.V., Coöperatieve Rabobank U.A. (“Rabobank”), Credit Agricole Corporate & Investment Bank, Credit Suisse (Switzerland) Ltd., DBS Bank Ltd., ING Bank N.V., Natixis, Société Générale (acting through its corporate and investment banking division) (“SGCIB”), UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. ABN AMRO Bank N.V., ING Bank N.V., Natixis, Rabobank and SGCIB acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent.
Emirates NBD PJSC, Mizuho Bank Ltd and China Construction Bank, Beijing, Swiss Branch Zurich, joined as Senior Mandated Lead Arrangers. APICORP, Citigroup Global markets Limited and Sumitomo Mitsui Trust Bank acted as Mandated Lead Arrangers.
MUFG Bank Ltd, Nedbank, DZ Bank AG, KfW-IPEX Bank, Commerzbank and Sumitomo Mitsui Banking Corporation Europe Limited joined as Lead Arrangers, with Commercial Bank of Dubai, Mashreqbank, and Raiffeisen Bank International AG, ABSA Bank, Arab Bank (Switzerland) Ltd, Banco do Brasil, Bank ABC, Banque de Commerce et de Placements SA, Erste Bank AG, Garanti Bank International, Goldman Sachs, Habib Bank AG and ICBC, joined as Arrangers, with Banque Cantonale de Genève, UBAF and Mega International Commercial Co., Ltd Amsterdam Branch as Participants.