Gunvor Group signed a $2.265 billion sustainability-linked, multi-currency revolving credit facility. The facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:
- Tranche A: $1.775 billion, 364-day revolving credit facility with three 364-day extension options
- Tranche B: $490 million three-year revolving credit facility with one 364-day extension option
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The facility will be used for general corporate purposes, including the refinancing of the existing $1.5 billion, 364-day tranche of the 2023 European revolving credit facilities agreement, and the $280 million, three-year tranche of the 2022 European revolving credit facilities agreement.
The facility has a $400 million accordion option and complements the existing us $350 million, three-year tranche of the 2023 European revolving credit facilities agreement.
“We are pleased to see growing support from our financing partners and to onboard new lenders in the group’s flagship facility,” Jeff Webster, chief financial officer of Gunvor Group, said. “The increase in commitments demonstrates the strong relationship the Company has with its banking group and its support of our growth strategy.”
Arab Petroleum Investments, Coöperatieve Rabobank, Crédit Agricole Corporate and Investment Bank, Emirates NBD Bank (London Branch), ING Bank, Amsterdam, Lancy / Geneva Branch, Mizuho Bank, Natixis, Qatar National Bank (Paris Branch), SMBC Bank, Société Générale, UBS Switzerland and UniCredit Bank were mandated to arrange the facility.
Coöperatieve Rabobank, Credit Agricole Corporate & Investment Bank, ING Bank, Natixis, SMBC Bank, Société Générale and UniCredit Bank acted as active bookrunners. UBS Switzerland AG is facility and swingline agent. Credit Agricole Corporate & Investment Bank and SMBC Bank acted as joint sustainability coordinators of the facility.
First Abu Dhabi Bank PJSC joined as new senior mandated lead arranger. Citibank (Jersey Branch), Erste Group Bank and KfW IPEX-Bank are mandated lead arrangers. Banco BPM, Bank of China (London Branch), China Construction Bank, Beijing, Swiss Branch Zurich, DBS Bank (London Branch), DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Industrial and Commercial Bank of China (London Branch), OTP Bank and Sumitomo Mitsui Trust Bank (London Branch) are lead arrangers. National Bank of Ras Al-Khaimah and Nedbank joined as new lead arrangers.
ABC International Bank, AfrAsia Bank, Arab Bank (Switzerland), Banque de Commerce et de Placements SA, CaixaBank, China CITIC Bank (London Branch), Commerzbank (London Branch), Europe Arab Bank SA, First Commercial Bank (London Branch), GarantiBank International, Habib Bank AG Zurich, Mashreqbank, Raiffeisen Bank International AG and Union de Banques Arabes et Francaises – UBAF are arrangers. Lloyds Bank joined as new arranger.
