Gunvor USA LLC (“Gunvor USA”), a subsidiary of Gunvor Group, has successfully closed the syndication of a US $1 billion Borrowing Base Credit Facility (“facility”), which will support operations in the United States and Canada, as well as planned expansion in Latin America. Gunvor USA has three offices: Houston, TX, and Stamford, CT, which are focused on trading refined products, crude oil and natural gas; and Calgary, Alberta, Canada, which focuses on crude oil.
“Gunvor USA has added three new banking partners to the facility, further diversifying our support as we continue to grow throughout North America,” said Chris Morran, CFO and Treasurer of Gunvor USA. “We’re pleased to receive such strong support from the market to be significantly over-subscribed.”
The facility is the second renewal and expansion of Gunvor USA’s original borrowing base, which launched in 2016 at US $500 million. The 2018 facility launched at US $900 million and was scaled back from an oversubscription of US $1.1 billion.
The new facility is jointly lead arranged by Coöperatieve Rabobank U.A., New York Branch, who will also serve as Administrative Agent, ABN Amro Capital USA LLC, ING Capital LLC, Natixis, New York Branch, Société Générale and Credit Agricole Corporate and Investment Bank. The syndicate also includes Mizuho Bank, Ltd., Industrial and Commercial Bank of China Limited, New York Branch, Commonwealth Bank of Australia, Credit Suisse (Switzerland) Ltd. and Sumitomo Mitsui Banking Corporation.
“The growth of our North American financing mirrors the growth of our North American business and diversification of our trading across energy commodities,” said David Garza, President of Gunvor USA and Managing Director for its US operations. “Gunvor USA continues to execute its leg of Gunvor Group’s global strategy to fully realize a significant market presence in the Americas.”
Gunvor USA LLC is a wholly-owned indirect subsidiary of Gunvor Group Ltd., one of the largest independent energy commodity traders in the world.