Gunvor USA successfully closed the syndication of its $2.34 billion uncommitted borrowing base credit facility. The facility includes a $1.75 billion one-year tranche and a $584 million two-year tranche, as well as a $500 million accordion feature to support future growth._x000D_
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The proceeds of the facility will refinance Gunvor USA’s existing $1.94 billion borrowing base facility, which was initially launched in October 2023 and later increased through an accordion feature in May 2024. The purpose of the upsized facility is to provide continued working capital financing for the company’s merchant activities and fund general corporate purposes._x000D_
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“Gunvor USA’s successful capital raise reflects the continued confidence of our banking partners in the U.S. business and Gunvor Group globally,” David Garza, managing director of Gunvor USA, said. “Our business model has proven to be resilient during times of market stress. That success, combined with bank market support, affords us the ability to focus on strategic growth opportunities across North America.”_x000D_
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“We take pride in strong global collaboration across Gunvor,” Thomas Smith, regional chief financial for the Americas for Gunvor USA, said. “Our 21 financing partners — including four new lenders this year — have shown robust support for our company’s strategy and positive outlook.”_x000D_
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The facility is led by Rabobank, which serves as administrative agent, mandated lead arranger, active bookrunner, coordinator and left lead. Societe Generale, ING Capital and MUFG Bank also acted as mandated lead arrangers, the foremost holding responsibility as active bookrunner, while the latter both contribute as passive bookrunners._x000D_
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Citibank, Credit Agricole Corporate and Investment Bank, Natixis, New York Branch and Sumitomo Mitsui Banking Corporation each serve as joint lead arrangers and share co-syndication agent duties._x000D_
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Bank of China, New York Branch and First Abu Dhabi Bank USA N.V. join the facility as new co-documentation agents together with Deutsche Bank AG New York Branch, Industrial and Commercial Bank of China Limited, New York Branch, Mizuho Bank and UBS Switzerland AG all acting in the same capacity._x000D_
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Zukerman Gore Brandeis & Crossman serves as counsel to the administrative agent. McGuireWoods serves as counsel to the borrower.
Forward for Specialty Finance
