Gunvor Group Ltd (“Gunvor” or the “Company”) is pleased to announce the successful signing and increase of its USD 872.5 million Off Balance Sheet Instrument facility (“Facility”) in favour of Gunvor SA, Gunvor International B.V., Gunvor Deutschland GmbH, Gunvor Petroleum Rotterdam B.V., Gunvor Raffinerie Inglostadt GmbH and Gunvor Singapore Pte. Ltd. Initially launched at USD 600 million, the Facility received strong support from Gunvor’s banking partners and showed substantial over-subscription of 45%.
ING Bank N.V. (“ING”) acted as Coordinator in the Facility as well as Active Bookrunner and Documentation Agent and Société Générale (“SocGen”) acts as Facility Agent. ING together with Coöperatieve Rabobank U.A., Natixis, Raiffeisen Bank International AG and SocGen are the Issuing Banks.
“Gunvor’s strategy and business model has proven to be very resilient in volatile market conditions,” said Muriel Schwab, CFO, Gunvor Group. “We appreciate our financing partners’ support and confidence in our business priorities as we embrace the Energy Transition refers to the global shift from traditional fossil fuel-based energy systems to a more sustainable, low-carbon, and environmentally friendly energy infrastructure. It encompasses the process of transitioning from... Read more, as well as Gunvor’s approach to corporate governance and Risk management is a crucial aspect of the energy commodities trading sector that involves the identification, assessment, and prioritization of potential risks followed by coordinated application of resources to minimize,... Read more.”
The closing of the OBSI Facility follows upon the announcement of Gunvor’s commitments in the areas of environment, social, and governance (ESG), which target a 40% reduction in the company’s Scope 1 and 2 emissions by 2025. The company also recently closed its Asian syndicated revolving credit facility, which was 85% oversubscribed at US$830 million.
The Facility, which is guaranteed by the Company, will be used for general corporate and working capital purposes of the Borrowers via OBSI’s issued in the form of standby letter of credits, bid bonds, performance bonds and/or guarantees.
This Facility evidences Gunvor’s successful strategy to grow and diversify its financing sources to support new investments and existing operations.
The participating banks or institutions in the Facility are as follows:
- ING Bank N.V., Amsterdam, Lancy/Geneva Branch
Mandated Lead Arrangers and Bookrunners
- HCC International Insurance Company Plc
- Liberty Mutual Insurance Europe SE
- Mizuho Bank, Ltd
Senior Mandated Lead Arrangers
- DBS Bank Ltd., London Branch
- DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
- Euler Hermes SA
- SMBC Bank International plc
Mandated Lead Arrangers
- China Construction Bank Corporation, Zurich Branch
- Deutsche Bank AG, Amsterdam branch
- Atradius Credito Y Caucion S.A. De Seguros Y Reaseguros
- Coöperatieve Rabobank U.A.
- Erste Group Bank AG
- Industrial and Commercial Bank of China Limited, London Branch
- Raiffeisen Bank International AG
- CA Indosuez (Switzerland) SA
- Commerzbank AG
- Credit Suisse (Switzerland) Ltd.
- First Abu Dhabi Bank PJSC
- Markel Insurance SE
- Société Générale
- Sumitomo Mitsui Trust Bank Ltd, London branch
- UBS Switzerland AG