Germany-based Gunvor Group announced it signed a new, locally-sourced US$500 million borrowing base revolving credit facility to finance the working capital needs of the company’s refinery in Ingolstadt, Germany.

UniCredit Bank AG and Deutsche Bank AG led the facility as book-running mandated lead arrangers, and UniCredit Bank AG acted as coordinator. The 360-day revolving facility has been placed in Germany and Austria.

Coupled with Gunvor’s recent completion of a €225 million receivables financing deal, the facility establishes a healthy foundation for sustainable, long-term operations at the German refinery.

Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most.