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Gunvor usa successfully closes usd 1.1 billion borrowing base

HOUSTON (6 November 2019) – Gunvor USA LLC, a subsidiary of Gunvor Group, has successfully closed the syndication of its USD 1.1 billion Borrowing Base Credit Facility. Gunvor USA increased the size of the Facility by USD 100 million while expanding its US banking group.

“Gunvor’s North America operations have received strong, steady support from our banking partners, which continue to grow in number,” said Gunvor USA’s CFO Chris Morran. “We’re pleased with the continued confidence in Gunvor’s business and strategy as we expand further into the North American market.”

The Facility will support the company’s established operations in the United States as well as continued expansion into Canada. Gunvor USA LLC has two main offices, located in Houston (TX) and Stamford (CT), which are focused on trading refined products, crude oil and natural gas, as well as a rep office in Calgary, Canada.

The new Facility is jointly lead arranged by Rabobank, who will also serve as Administrative Agent and Active Bookrunner, and ABN Amro Capital USA LLC, ING Capital, LLC, Natixis, New York Branch, and Société Générale as Joint Bookrunners and Joint Lead Arrangers in the transaction. The syndicate also includes existing Lenders Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., Industrial and Commercial Bank of China Limited, New York Branch, Mizuho Bank Ltd. and Sumitomo Mitsui Banking Corporation and is complemented with three new Lenders: Bank of China, New York Branch, MUFG Bank, Ltd., and Oversea-Chinese Banking Corporation.

“Through the first nine months of 2019, the North American business has been a significant contributor to the Group,” said David Garza, Managing Director Gunvor USA. “An increase in our base and new banking partners are all part of our growing commitment to the Americas business.”

Gunvor USA LLC is a wholly-owned indirect subsidiary of Gunvor Group Ltd, one of the largest independent energy commodity traders in the world.

About Gunvor USA

Gunvor USA LLC is a wholly-owned indirect subsidiary of Gunvor Group Ltd, one of the world’s largest independent commodities trading houses by turnover. Gunvor Group creates logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced to where they are demanded most. With strategic investments in industrial infrastructure—refineries, pipelines, storage, terminals, mining and upstream—Gunvor further generates sustainable value across the global supply chain for its customers. In 2018, Gunvor Group generated USD 87 billion in revenue on 185 million MT of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at or @Gunvor