Gunvor Group Ltd

Gunvor Group Ltd

November 12, 2014 08:00 ET

Gunvor Closes Oversubscribed US $700 Mil. Financing for Belgian Refinery

GENEVA, SWITZERLAND--(Marketwired - Nov. 12, 2014) - Gunvor Group ("Gunvor") has successfully renewed and increased to US $700 million a secured revolving borrowing base facility (the "Facility") to support the growing needs of the Independent Belgian Refinery (IBR). The Facility, which was significantly oversubscribed and scaled back, was originally launched at US $625 million in October 2012 to provide for IBR's working capital requirements.

The Facility increase, with ING as Bookrunner and Mandated Lead Arranger, was made possible thanks to the continuous support of the original lenders renewing and some increasing their participation levels, together with a new entrant.

Gunvor's Belgium entities, which have more than 210 employees, comprise of Independent Belgian Refinery, and the refinery's Belgium marketing company, Gunvor Belgium NV.

IBR, which is 100 percent owned by Gunvor, is situated in the north of the Port of Antwerp.

The refinery's large storage capacity and the flexibility of its installations give the company capabilities to handle a wide range of both intermediate and finished products including LPG, naphtha, gasoline, heating oil, VGO and bunker grades.

Crude oil is delivered with direct access to a jetty. Products can be loaded on tankers for onward worldwide delivery or on to barges and road trucks for local delivery to the North West European market.

Year-over-year, Gunvor's total financing lines have continued to increase and banking support to expand, a trend that has been consistent since the company's founding in 2000.

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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