GENEVA, SWITZERLAND--(Marketwired - Dec. 9, 2013) - Gunvor Group Ltd ("Gunvor" or "Group") has signed a USD 1.515 billion Revolving Credit Facility (RCF) in favor of Gunvor International B.V. and Gunvor SA (together the "Borrowers"). Launched at USD 1.2 billion, the RCF was significantly oversubscribed during syndication and was subsequently increased.
"The expanding commitment we see from our banking partners underscores the clear support that exists for Gunvor's global growth strategy," said Jacques Erni, Gunvor's Chief Financial Officer. "Gunvor's approach to financing - with broad and geographically diverse banking support - gives the company sound footing to effectively navigate dynamic market trends."
Gunvor's RCF, which works in conjunction with the company's USD 850 million Asian RCF, provides for the Group's short-term cash needs on top of existing trade and structured finance facilities. In addition, on a longer-term basis, the 3-year tranche complements Gunvor's $500 million bond, and individual project and acquisition financings.
ABN AMRO Bank N.V. ("ABN AMRO"), Crédit Agricole Corporate and Investment Bank ("Crédit Agricole CIB"), Credit Suisse AG, Gazprombank OJSC, ING Bank N.V. ("ING"), Natixis, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International) ("Rabobank"), The Royal Bank of Scotland plc. ("RBS") and Societe Generale Corporate and Investment Banking (the corporate and investment banking division of Societe Generale) ("SG CIB") acted as "Bookrunning Mandated Lead Arrangers" in the Facility. ABN AMRO, Crédit Agricole CIB, ING, Natixis, Rabobank International, and SG CIB were Active Bookrunners.
The Facility, which is guaranteed by the Group, will be used for general corporate purposes and to refinance the Borrowers' USD 1.16 billion revolving credit facility. The RCF available to the Borrowers consists of two tranches:
- Tranche A: USD 1,210,000,000, 364-day RCF
- Tranche B: USD 305,000,000, 3-year RCF
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 from where it is sourced and stored to where it is demanded most. With strategic investments in energy 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.