Daily News: November 17, 2017

ABN AMRO, ING, Others Lead Gunvor $1.39B Revolver


Gunvor signed a $1.39 billion revolving credit facility with a group of lenders.

“Gunvor continues to receive considerable support from both its existing banking partners as well as from new ones,” said Jacques Erni, CFO, Gunvor Group. “Thanks to our continuous efforts to tighten cash management and improve financial structuring, we have become more efficient financially, with reduced working capital needs. At the same time, Gunvor continues to implement our strategy of geographic expansion and product diversification, generating positive returns in a challenging and evolving environment.”

The revolver will replace the maturing tranche A ($1.415 billion) of the company’s $1.67 billion RCF dated November 17, 2016 and tranche B ($210 million) of the $1.36 billion RCF dated November 23, 2015.

ABN AMRO Bank, Credit Agricole, Credit Suisse DBS Bank, ING Bank, Natixis, Rabobank, Société Générale Corporate & Investment Banking, UBS Switzerland and UniCredit Bank were mandated to arrange the facility.

ABN AMRO Bank, Credit Agricole, ING Bank, Natixis and Rabobank acted as active bookrunners while Credit Suisse is the swingline agent.

Deutsche Bank, Mizuho Bank, and Emirates NBD PJSC, London branch joined as senior mandated lead arrangers, with APICORP, Citigroup Global Markets, DZ Bank, Deutsche Zentral-Genossenschaftsbank, Frank am Main, KfW-IPEX, Nedbank and Sumitomo Mitsui Trust Bank as mandated lead arrangers.

The Bank of Tokyo-Mitsubishi UFJ, Commerzbank, Raiffeisen Bank International, and Sumitomo Mitsui Banking Corporation joined as lead arrangers, with Mashreqbank, Arab Bank, Banco do Brasil, Bank ABC, Banque de Commerce et de Placements, Goldman Sachs, Gulf International Bank, Habib Bank AG Zurich, HSH Nordbank and UBAF as arrangers and China Construction Bank, Beijing, Swiss Branch Zurich, Commercial Bank of Dubai, Garanti Bank International, Banque Cantonale de Genève, Attijariwafa Bank and Erste Bank AG as participants.

The facility consists of two tranches, available to Gunvor International and Gunvor :

  • $1.14 billion 364-day revolving credit facility with two 364-day extension options
  • $250 million three-year revolving credit facility with one 364-day extension option

Gunvor Group is one of the world’s largest independent commodities trading houses.