November 15, 2016 09:30 ET
GENEVA, SWITZERLAND--(Marketwired - Nov. 15, 2016) - Gunvor SA and Gunvor Belgium N.V., both subsidiaries of Gunvor Group, have closed a US $725 million borrowing base facility ("Facility"), which will provide working capital for Gunvor's refining activities in the Amsterdam-Rotterdam-Antwerp (ARA) region. The Facility was launched at US $700 million and was oversubscribed at US $805 million, before being scaled back to US $725 million.
Gunvor's operations in the ARA consist of Gunvor Petroleum Antwerp, Gunvor Petroleum Rotterdam (GPR) and the Maasvlakte Olie Terminal (MOT) - the latter two of which were added to the Facility this year. Gunvor acquired GPR and its share in MOT in February.
ING acted as Coordinator and is the Facility- and Security Agent. In total, 13 banks participated in the Facility, which has a 364-day tenure whereby: ING Bank N.V. was Bookrunning Mandated Lead Arranger, and Rabobank was Senior Mandated Lead Arranger and Co-Arranger. Société Générale and DBS Bank LTD, London Branch were Mandated Lead Arrangers. Raiffeisen Bank International AG, Credit Suisse AG, Credit Agricole (Suisse) S.A, Nedbank Ltd London Branch, ABN Amro Bank N.V, Unicredit Bank AG, Sumitomo Mitsui Trust Bank, Mizuho Bank Ltd all served as Lead Arrangers. Bank of Tokyo Mitsubishi UFJ, Ltd was Arranger.
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 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 GunvorGroup.com or @Gunvor.
Gunvor GroupSeth Thomas Pietras+41 79 870 email@example.com
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