Rabobank is serving as administrative agent and active bookrunner on a $1.1 billion borrowing base credit facility, which includes a $500 million accordion, for Gunvor USA. ING Capital, Natixis New York Branch and Société Générale are joint bookrunners and joint lead arrangers.
The syndicate is further supported by a group of 12 additional lenders, five of which are new to the facility.
The proceeds of the facility will refinance Gunvor USA’s existing borrowing base facility, provide continued working capital financing for the company’s merchant activities and fund general corporate purposes.
“Gunvor USA continues to enjoy strong and steady support from our banking partners as we effectively navigate the challenging market environment,” Chris Morran, CFO of Gunvor USA said. “We are pleased to have attracted five new lenders to our facility, along with a substantial amount of oversubscription, which reflects the confidence in our business and strategy as Gunvor expands further into the North American market.”
“Through the first nine months of 2020, the North American business has been a significant contributor to the group,” David Garza, managing director at Gunvor USA, said. “The strong expansion of our banking partners emphasizes the company’s commitment to the Americas business.”
Zukerman Gore Brandeis & Grossman served as counsel to the lenders. McGuireWoods served as counsel to the borrower.
Gunvor USA is a wholly-owned indirect subsidiary of Gunvor Group, an independent energy commodity trader.
