Daily News: November 8, 2017

Rabobank Agents $875MM Facility for Gunvor USA


Gunvor USA, a subsidiary of Gunvor Group, successfully closed the syndication of its $875 million borrowing base credit facility.

The facility will support the company’s established operations in the U.S. as well as its planned expansion into Canada. Gunvor USA has two main offices, located in Houston and Stamford, CT, which are focused on trading refined products, crude oil and natural gas.

“Our expanded facility enables Gunvor USA to build on our trading activities across the commodities space in North America,” said Chris Morran, treasurer of Gunvor USA. “The oversubscription of the transaction and 75% increase in the facility amount demonstrate the level of confidence our banking partners have with our North American strategy.”

The new facility is jointly lead arranged by Rabobank, which will also serve as administrative agent and active bookrunner, and ABN Amro Capital USA as joint bookrunner. ING Capital, Natixis, New York Branch and Société Générale join as joint lead arranger in the transaction. The syndicate also includes Credit Agricole Corporate and Investment Bank, Deutsche Bank, New York Branch, Mizuho and Sumitomo Mitsui.

“Gunvor USA has grown rapidly since its launch in 2016, and has significantly expanded its bank group as part of the refinancing,” said David Garza, president of Gunvor USA and managing director for its North American operations. “In the last year, Gunvor USA has hired more than 60 people for its North American operations, and opened trading offices in Houston and Stamford, and now a rep office in Calgary. We’ve been able to grow at an accelerated pace with the support of our banking partners.”