Gunvor Group announced it has signed a $ 1.36 billion revolving credit facility in favor of Gunvor International and Gunvor SA (borrowers).
The facility will replace the maturing tranche A ($1.025 billion) of the borrower’s revolving credit facility dated November 28, 2014 and refinance Tranche B ($305 million) of the $1.515 billion facility dated December 6, 2013.
ABN AMRO, Credit Agricole, Credit Suisse, DBS Bank, ING Bank, Natixis, Rabobank, Societe Generale, UBS Switzerland and UniCredit (together the bookrunning mandated lead arrangers) were mandated to arrange the facility. ABN AMRO, ING, Natixis, Rabobank and SGCIB acted as active bookrunners and Credit Suisse as facility and swingline agent.
“We’re pleased with the current conditions for the facility and in particular with the fact that both the amount raised and the number of banks participating have continued to increase,” said Jacques Erni, CFO Gunvor Group. “This has been a good year for Gunvor’s RCFs, both in Europe and Asia, showing that there continues to be liquidity in the market for companies with strong fundamentals.”
The facility which was oversubscribed from launch at $1.1 billion will be used to finance general corporate purposes and working capital requirements.