Gunvor Group Ltd

Gunvor Group Ltd

August 05, 2014 06:00 ET

Gunvor Closes New US $290 Million Revolving Credit Facility to Support European Activities

GENEVA, SWITZERLAND--(Marketwired - Aug. 5, 2014) - Gunvor Group Ltd ("Gunvor" or the "Group") has closed a new US $290 million uncommitted off balance sheet instrument ("OBSI") revolving credit facility (the "Facility") in favour of Gunvor SA, Gunvor International B.V., Gunvor Deutschland GmbH, Gunvor Raffinerie Ingolstadt GmbH and Independent Belgium Refinery NV (together the "Borrowers"). This new Facility demonstrates Gunvor's successful strategy to grow and diversify its financing sources to support new investments and existing operations.

ABN AMRO Bank N.V. ("ABN AMRO") and ING Bank N.V. ("ING") acted as "Joint Coordinators" in the Facility. ING was Active Bookrunner and Documentation Agent and ABN AMRO acts as Facility Agent. ABN AMRO and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, are the Issuing Banks.

The Facility, which is guaranteed by the Company, will be used for general corporate and working capital purposes of the Borrowers via OBSIs issued in the form of standby letter of credits, bid bonds, performance bonds and/or guarantees.

The Facility, which was launched at US $250 million, was significantly oversubscribed after syndication and subsequently increased to US $290 million.

The participating banks in the Facility are as follows:

Mandated Lead Arrangers and Bookrunners

  • ABN AMRO Bank N.V.
  • ING Bank N.V.
  • DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
  • Euler Hermes Europe S.A./N.V.

Mandated Lead Arrangers

  • NATIXIS
  • Rabobank International

Lead Arrangers

  • Credit Suisse AG
  • Societe Generale Corporate & Investment Banking (SG CIB)

About Gunvor Group

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, metals and bulk materials from where they are sourced and stored to where they are demanded most. With strategic investments in industrial infrastructure-refineries, pipelines, storage, terminals, mining and upstream-Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at www.gunvorgroup.com or @Gunvor.

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