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Strong Demand Leads Gunvor to Increase Its Facility to USD 1.03 Bil.
24 June 2010

Gunvor International B.V. (“Gunvor International” or the “Company”) and Gunvor Singapore Pte Ltd (“Gunvor Singapore”) are pleased to announce the successful signing of their US$1,030,000,000 Revolving Credit Facility (the “Facility”) which was significantly oversubscribed and increased from the initial launch amount of US$750,000,000.

The Facility was arranged by BNP Paribas, Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, Fortis Bank (Nederland) N.V., The Hongkong and Shanghai Banking Corporation Limited, ING Bank, Natixis, Rabobank International and Société Générale Corporate & Investment Banking (together the “Bookrunning Mandated Lead Arrangers”).

A total of 16 banks committed during general syndication in addition to the 9 Bookrunning Mandated Lead Arrangers.

This Facility will be used for general corporate purposes and to refinance the Company’s existing US$600,000,000 364-day revolving credit facility dated 30th June 2009. The Facility consists of 2 tranches split as follows:

  • Tranche A – Gunvor International: a US$785,000,000 364-day revolving credit facility available to Gunvor International
  • Tranche B – Gunvor Singapore: a US$245,000,000 364-day revolving credit facility available to Gunvor Singapore and guaranteed by Gunvor International

An accordion clause will allow for a limited increase in the Facility Amount. Bank of Baroda, Mega ICBC and West LB have already committed to join through this clause.