Gunvor Group said it signed a $1.515 billion revolving credit facility in favor of Gunvor International B.V. and Gunvor SA. Credit Suisse AG, RBS and Societe Generale, among others, served as book-running mandated lead arrangers in the facility.
Launched at $1.2 billion, the revolver was significantly oversubscribed during syndication and was subsequently increased.
“The expanding commitment we see from our banking partners underscores the clear support that exists for Gunvor’s global growth strategy,” said Jacques Erni, Gunvor’s chief financial officer. “Gunvor’s approach to financing—with broad and geographically diverse banking support—gives the company sound footing to effectively navigate dynamic market trends.”
Gunvor’s revolver, which works in conjunction with the company’s $850 million Asian revolver, provides for the Group’s short-term cash needs on top of existing trade and structured finance facilities. In addition, on a longer-term basis, the three-year tranche complements Gunvor’s $500 million bond and individual project and acquisition financings.
ABN AMRO Bank N.V., Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, Gazprombank OJSC, ING Bank N.V., Natixis, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), The Royal Bank of Scotland and Societe Generale Corporate and Investment Banking acted as book-running mandated lead arrangers in the facility. ABN AMRO, Crédit Agricole CIB, ING, Natixis, Rabobank International and SG CIB were active bookrunners.
The facility, which is guaranteed by the Group, will be used for general corporate purposes and to refinance its $1.16 billion revolving credit facility. The new facility consists of two tranches:
Tranche A: $1.21 billion 364-day revolving credit facility
Tranche B: $305 million three-year revolving credit facility
The participating banks in the Facility are as follows:
For the complete list of lenders and participants, click here.