Four new banks join existing lending group

Gunvor Group Ltd (“Gunvor” or the “Group”) has refinanced and increased its Off Balance Sheet Instruments Revolving Credit Facility (“Facility”) to US $1.37 billion, up from US $990 million in 2022, in favour of Gunvor SA and Gunvor International B.V.

The Facility received strong support from Gunvor’s existing banking and institutional partners and welcomed four new participants.

The Facility will support Gunvor in connection with its obligations to issue directly or indirectly off-balance sheet instruments as part of its business in the form of standby letters of credit, bid bonds, performance bonds, and various other types of guarantee instruments.

“The sizeable increase in the Facility reflects Gunvor’s growth over the past two years and our desire to expand globally,” said Jeff Webster, Gunvor’s Chief Financial Officer. “This is a clear demonstration of the commitment of our banking and insurance partners to support our strategy.”

ING Bank N.V. (“ING”) acted as sole Coordinator and Documentation Agent in the Facility. Société Générale will continue its role as the Facility Agent and Coöperatieve Rabobank U.A., ING Bank N.V., Amsterdam, Lancy/Geneva Branch, Natixis, Raiffeisen Bank International AG, Société Générale and SMBC Bank International Plc are the Issuing Banks.

The Facility, which was launched at US $1 billion was significantly oversubscribed after syndication and subsequently increased to US $1.37 billion.

The participation banks and institutions in the Facility are as follows:

• ABC International Bank Plc
• Abu Dhabi Commercial Bank PJSC
• Atradius
• Bank of China Limited, London Branch
• CA Indosuez (Switzerland) SA
• China Construction Bank Corporation, Beijing, Swiss Branch Zurich
• Commercial Bank of Dubai PSC
• Commerzbank AG, London Branch
• Coöperatieve Rabobank U.A.
• Credendo Guarantees & Specialty Risks
• Credit Suisse (Switzerland) Ltd.
• DBS Bank Ltd., London Branch
• Deutsche Bank AG, Amsterdam Branch
• DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
• Erste Group Bank AG
• Euler Hermes SA
• First Abu Dhabi Bank (PJSC)
• HCC International Insurance Company Plc
• Industrial and Commercial Bank of China Limited, London Branch
• ING Bank N.V.
• Liberty Mutual Insurance Europe SE
• Lloyds Bank PLC
• Markel Insurance SE
• Mizuho Bank, Ltd
• Natixis
• Raiffeisen Bank International AG
• SMBC Bank International plc
• Société Générale
• Sumitomo Mitsui Trust Bank, Limited (London Branch)
• UBS Switzerland AG