Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a USD 990 million Off Balance Sheet Instruments Revolving Credit Facility (“Facility”) in favor of Gunvor SA, Gunvor International B.V., Gunvor Deutschland GmbH, Gunvor Singapore Pte. Ltd., Gunvor Raffinerie Ingolstadt GmbH and Gunvor Petroleum Rotterdam B.V..
The Facility received strong support from Gunvor’s banking and institutional partners, closing at USD 990 million with a sizeable increase from the previous year’s refinancing at USD 872.5 million. The Facility will support Gunvor in connection with its obligations to issue directly or indirectly off balance sheet instruments as part of its business, including bid bonds, performance bonds, and various other types of guarantee instruments. The Facility has a USD 300 million accordion option and a 364-day extension option.
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 USD 850 million, was significantly oversubscribed after syndication and subsequently increased to USD 990 million.
The participation banks and institutions in the Facility included:
- Atradius
- Bank of China Limited, London Branch
- CA Indosuez (Switzerland) SA
- China Construction Bank Corporation, Beijing, Swiss Branch Zurich
- Commerzbank AG, London Branch
- Coöperatieve Rabobank U.A.
- 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 S.A.
- 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
- 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