Gunvor Launches US$ 800 Mil. Revolving Credit Facility

GENEVA, Oct. 12, 2012 /PRNewswire/ -- Gunvor Group Ltd ("Gunvor" or the "Group") is pleased to announce the launch of a US$ 800,000,000 revolving credit facility (the "Facility") in favor of Gunvor International B.V. and Gunvor SA (the "Borrowers"). The launch is a part of Gunvor's successful strategy to both grow and diversify its financing to support new investments and existing operations.   

ABN AMRO Bank N.V. ("ABN AMRO"), Credit Agricole Corporate and Investment Bank ("Credit Agricole CIB"), Credit Suisse AG, ING Bank N.V. ("ING Bank"), Natixis, Rabobank International ("Rabobank") and Societe Generale Corporate & Investment Banking ("Societe Generale CIB") (together the "Bookrunning Mandated Lead Arrangers") have been mandated to arrange the Facility. ABN AMRO, Credit Agricole CIB, ING Bank, Rabobank and Societe Generale CIB will act as Active Bookrunners.

The Facility consists of two tranches:

  • Tranche A: a 364-day revolving credit facility available to Gunvor International B.V. and Gunvor SA;
  • Tranche B: a 3-year revolving credit facility available to Gunvor International B.V. and Gunvor SA;

Gunvor has traditionally been financed by means of one global facility, but the Group has effectively sought to diversify its funding. On 12 June 2012, Gunvor successfully refinanced the maturing US$ 463,000,000 364-day Asian tranche under its US$ 1,550,000,000 revolving credit facility dated 21 June 2011 (the "Existing Facility") with a US$ 635,000,000 364-day revolving credit facility which was significantly oversubscribed after launching at US$ 450,000,000.

Simultaneously, Gunvor extended the maturity date of its 364-day European tranche under the Existing Facility by six months in order to separate the maturity dates of the Asian and European facilities. Following this recent success Gunvor International B.V. and Gunvor SA are now seeking to refinance the extended 364-day and the 3-year European tranches under the Existing Facility with a new US $800,000,000 revolving credit facility.

The following tickets are on offer:

Status

Total
Commitment

Of which 3-year Commitment

Senior Mandated Lead Arranger

US$55,000,000

Up to US$15m

Mandated Lead Arranger

US$40,000,000

Up to US$15m

Lead Arranger

US$25,000,000

Up to US$15m

Arranger

US$10,000,000

Up to US$10m

About Gunvor

Gunvor Group 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.

SOURCE Gunvor Group Ltd



RELATED LINKS
http://gunvorgroup.com

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