Gunvor closed a $725 million borrowing base facility, which will provide working capital for its refining activities in the Amsterdam-Rotterdam-Antwerp (ARA) region. The facility was launched at $700 million and was oversubscribed at $805 million, before being scaled back to $725 million.

Gunvor’s operations in the ARA consist of Gunvor Petroleum Antwerp, Gunvor Petroleum Rotterdam (GPR) and the Maasvlakte Olie Terminal (MOT)—the latter two of which were added to the facility this year. Gunvor acquired GPR and its share in MOT in February.

ING was coordinator and facility and security agent. In total, 13 banks participated in the facility, which has a 364-day tenure. ING Bank was bookrunning mandated lead arranger, and Rabobank was senior mandated lead arranger and co-arranger. Société Générale and DBS Bank, London Branch were mandated lead arrangers. Raiffeisen Bank International, Credit Suisse, Credit Agricole (Suisse), Nedbank London Branch, ABN Amro, Unicredit Bank, Sumitomo Mitsui Trust Bank, Mizuho Bank served as lead arrangers. Bank of Tokyo Mitsubishi UFJ was arranger.