ABN AMRO Agents New $290MM Gunvor Revolver
Gunvor Group, a commodities trading house, said it has closed a new $290 million uncommitted off-balance sheet instrument revolving credit facility in favor of Gunvor SA, Gunvor International B.V., Gunvor Deutschland GmbH, Gunvor Raffinerie Ingolstadt GmbH and Independent Belgium Refinery NV.
Gunvor said ABN AMRO Bank and ING Bank acted as joint coordinators in the facility. ING was active bookrunner and documentation agent and ABN AMRO acted as facility agent. ABN AMRO and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, are the issuing banks.
The facility, which is guaranteed by the company, will be used for general corporate and working capital purposes of the borrowers via OBSIs issued in the form of standby letter of credits, bid bonds, performance bonds and/or guarantees.
The facility, which was launched at $250 million, was significantly oversubscribed after syndication and subsequently increased to $290 million.