Gunvor Closes Oversubscribed US$ 1.36 Billion Revolving Credit Facility

GENEVA, SWITZERLAND--(Marketwired - Nov. 23, 2015) - Gunvor Group Ltd ("Gunvor" or the "Group") has signed a US$ 1.36 billion Revolving Credit Facility (the "Facility") in favor of Gunvor International B.V. and Gunvor SA (the "Borrowers"). The Facility will replace the maturing Tranche A (US$ 1.025 billion) of the Borrower's Revolving Credit Facility dated 28 November 2014 and refinance Tranche B (US$ 305 million) of the US$ 1.515 billion Facility dated 6 December 2013.

"We're pleased with the current conditions for the Facility and in particular with the fact that both the amount raised and the number of banks participating have continued to increase," said Jacques Erni, CFO Gunvor Group. "This has been a good year for Gunvor's RCFs, both in Europe and Asia, showing that there continues to be liquidity in the market for companies with strong fundamentals."

The Facility which was oversubscribed from launch at US$ 1.1 billion will be used to finance general corporate purposes and working capital requirements. Gunvor first launched its Revolving Credit Facility in Europe in 2008, and it is now complemented by the Group's Asian Revolving Credit Facilities, Borrowing Base facilities and OBSI Facility. These facilities support Gunvor's established and continuing global growth strategy, which consists of geographic expansion, product diversification and investments along the value chain.

ABN AMRO Bank N.V. ("ABN AMRO"), Crédit Agricole Corporate and Investment Bank ("CACIB"), Credit Suisse AG ("Credit Suisse"), DBS Bank Ltd ("DBS"), ING Bank N.V. ("ING"), Natixis ("Natixis"), Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. ("Rabobank"), Société Générale Corporate & Investment Banking (the corporate and investment banking division of Société Générale) ("SGCIB"), UBS Switzerland AG ("UBS") and UniCredit Bank AG ("UniCredit") (together the "Bookrunning Mandated Lead Arrangers") were mandated to arrange the Facility. ABN AMRO, ING, Natixis, Rabobank and SGCIB acted as Active Bookrunners and Credit Suisse as Facility and Swingline Agent.

The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

• Tranche A: US$ 1.15 billion 364-day revolving credit facility with a 364-day extension option
• Tranche B: US$ 210 million 3-year revolving credit facility with a 364-day extension option

The participating banks in the Facility are as follows:

Mandated Lead Arrangers and Bookrunners

ABN AMRO

CACIB

Credit Suisse

DBS

ING

Natixis

Rabobank

SGCIB

UBS

Unicredit

Lead Arrangers

Nedbank Ltd, London Branch (acting through its Corporate and Investment Banking division)

Raiffeisen Bank International AG / Raiffeisenlandesbank Niederösterreich-Wien AG

Arrangers

Deutsche Bank AG, Amsterdam Branch

Mizuho Bank, Ltd

Bank ABC

Banque Cantonale de Genève

BHF-Bank Aktiengesellschaft

Commerzbank AG, London Branch

Goldman Sachs

Habib Bank AG Zurich

KfW IPEX-Bank

Mashreqbank PSC

Sumitomo Mitsui Trust Bank, Limited (London Branch)

Arab Bank (Switzerland) Ltd

Emirates NBD PJSC, London Branch

Union de Banques Arabes et Françaises (UBAF)

Banque de Commerce et de Placements S.A.

BMCE Bank International - Madrid

DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main

Attijariwafa Bank Europe

About Gunvor Group

Founded in 2000, Gunvor Group (the "Group" or "Gunvor") 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.

In 2014, the Group posted trading volumes of approximately 137 million tons (or equivalent), with sales turnover over US$ 88 billion and a net profit of US$ 267 million.

Gunvor's growth strategy has been to diversify its trading activities in terms of geography and the range of products it trades, as well as to invest in fixed assets, such as oil terminals, mining operations, refineries (in Belgium and Germany) and upstream, that complement the company's core trading activity. These provide the Group with a competitive advantage in logistics by allowing it to capture more revenue along the value chain.

The Group's main trading offices are in Geneva, Singapore, Nassau, Shanghai and Dubai, with a network of representative offices around the globe.

Follow Gunvor on Twitter: @Gunvor.