Gunvor Group

Gunvor Group

June 05, 2013 13:00 ET

Gunvor Singapore Signs USD 850 Mil. Revolving Credit Facility

SINGAPORE, SINGAPORE--(Marketwired - June 6, 2013) - Gunvor Singapore Pte Ltd (the "Borrower"), a wholly-owned subsidiary of Gunvor Group ("Gunvor"), has signed a USD 850 Mil. syndicated revolving credit facility ("RCF"). The facility, which launched at USD 650 Mil. and attracted over USD 1 Bil. in commitments, closed almost 60% oversubscribed. Its success represents continued strong interest in, and support for, Gunvor's growth strategy for the Asia-Pacific region. The RCF includes a USD 135 Mil. 3-year tranche and a USD 715 Mil. 1-year tranche.

"Gunvor stands on sound footing to advance its growth strategy in the Asia-Pacific region, and we're encouraged by the clear support we have seen," said Muriel Schwab, CFO Gunvor Singapore.

A total of 24 banks committed during general syndication. Arab Petroleum Investments Corporation ("APICORP"), Bank of China, Singapore Branch, China Development Bank ("CDB"), DBS Bank Ltd ("DBS"), First Gulf Bank PJSC, Singapore Branch, ING Bank N.V., Singapore Branch ("ING"), National Australia Bank Limited, Singapore Branch, Rabobank International ("Rabobank"), Société Générale Corporate & Investment Banking ("SGCIB") and Sumitomo Mitsui Banking Corporation ("SMBC") (together the "Bookrunning Mandated Lead Arrangers") were mandated to arrange the facility. APICORP, CDB, DBS, ING, Rabobank, SGCIB and SMBC served as Active Bookrunners.

Proceeds of the facility, which is guaranteed by Gunvor Group Ltd, will be used to refinance the Borrower's revolving credit facility dated 12 June 2012, and to finance general corporate and working capital requirements.

About Gunvor

Gunvor is one of the world's largest independent commodity trading companies by turnover, providing integrated trading products and logistics services for participants in the worldwide oil and energy markets. The Group's main trading offices are in Geneva, Singapore, Nassau and Dubai, with a network of representative offices around the globe. Follow Gunvor on Twitter: @Gunvor.

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