Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a USD 1.225 billion revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. Initially launched at USD 1 billion, the Facility received strong support from Gunvor’s banking partners and showed substantial over-subscription of 22.5%.
“The strong, continued support Gunvor has seen from our banking partners underscores their confidence in our business model, as well as our position as a top energy trader,” said Gunvor Group CFO Muriel Schwab. “Established trading companies with robust risk management and corporate governance have benefited during this tumultuous year. Prudent trading amidst the volatility and a consistent underlying business have further reinforced Gunvor’s ability to deliver a strong performance. For us, this translates into continued solid access to unsecured sources of funding and a positive outlook.”
The Facility will be used for general corporate purposes, including the refinancing of the USD 1.165 billion 364-day tranche of the 2018 European Revolving Credit Facilities Agreement and the USD 195 million 3-year tranche of the 2017 European Revolving Credit Facilities Agreement, both amended in November 2019.
The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:
The Facility has USD 150 million accordion option.
The Facility complements the existing USD 330 million 3-year tranche of the 2018 European Revolving Credit Facilities Agreement.
The Group maintains about USD 17 billion in financing lines, with main facilities that include Gunvor Singapore’s USD 550 million revolving credit facility and Gunvor USA’s USD 1.1 billion borrowing base. The Group has further diversified its financing into areas such as sustainability-linked facilities, a first for the physical energy trading industry.
Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent.
Emirates NBD PJSC joined as Senior Mandated Lead Arranger.
Citigroup Global markets Limited, DZ Bank AG, Mizuho Bank Ltd joined as Mandated Lead Arrangers.
APICORP, Sumitomo Mitsui Trust Bank, Commerzbank, DBS Bank, ICBC, MUFG and Sumitomo Mitsui Banking Corporation Europe Limited joined as Lead Arrangers.
Mashreqbank, Raiffeisen Bank International AG, ABN AMRO, Arab Bank (Switzerland) Ltd, Bank ABC, Banque de Commerce et de Placements, Erste Bank AG, Habib Bank AG and KfW-IPEX joined as Arrangers.
Garanti Bank International and UBAF joined as Participants.