Gunvor Group Ltd

Gunvor Group Ltd

October 03, 2016 09:00 ET

Gunvor Secures US $500 Million Facility to Support New Activities in United States

HOUSTON, TEXAS--(Marketwired - Oct. 3, 2016) - Gunvor USA LLC is pleased to announce the successful syndication of a US $500 million Borrowing Base Credit Facility, which will support the company's newly established operations in the United States. Gunvor USA LLC has opened an office in Houston, Texas that initially will be trading refined products, natural gas, and asphalt/bitumen.

The new facility is jointly lead-arranged by Coöperatieve Rabobank U.A., New York Branch, which will also serve as administrative agent, and ABN Amro Capital USA LLC. The other lenders are ING Capital, LLC, Natixis, New York Branch, Société Générale and Credit Agricole Corporate and Investment Bank. As part of its establishment in the US, Gunvor USA has initiated a relationship with Bank of Texas, Houston Branch, part of the larger BOKF, NA bank network. Bank of Texas has been appointed as Gunvor USA's primary cash management bank.

Gunvor USA LLC is a wholly-owned indirect subsidiary of Gunvor Group Ltd., one of the largest independent energy commodity traders in the world.

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. In 2015, the Group generated US $64 billion in revenue and moved 180 million MT of physical energy and commodities.

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. The Group is now responsible for more than 1,000 refining jobs in Europe (Germany, Belgium, and The Netherlands), and approximately 280,000 b/d of installed refining capacity.

More information can be found at www.gunvorgroup.com or @Gunvor.

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