Gunvor Group Ltd
Gunvor Closes Oversubscribed US$ 1.67 Billion Revolving Credit Facility
GENEVA, SWITZERLAND--(Marketwired - Nov 17, 2016) - Gunvor Group Ltd ("Gunvor" or the "Group") has signed a US$ 1.67 billion Revolving Credit Facility (the "Facility") in favour of Gunvor International B.V. and Gunvor SA (the "Borrowers"), representing a 30% increase in the total available facilities. The Facility will replace the maturing Tranche A (US$ 1.15 billion) of the Borrower's Revolving Credit Facility dated 23 November 2015 and refinance Tranche B (US$ 85 million) of the US$ 1.09 billion Facility dated 28 November 2014.
"Despite the challenging market, which has put pressure on syndication deals, we're pleased that Gunvor's new direction has received the full confidence of our current banking partners as well as a growing number of new financial institutions," said Jacques Erni, Gunvor Group CFO. "This strong support led to a significant increase in the total facility, which we even had to scale down in the end."
The Facility, initially launched at US$1.1 billion, was very well received by invited banks and closed substantially oversubscribed. It will be used to finance general corporate purposes and working capital requirements. Gunvor first launched its Revolving Credit Facility in Europe in 2008, and it is now complemented by the Group's Asian Revolving Credit Facilities, Borrowing Base facilities and OBSI Facility. These facilities support Gunvor's established and continuing global growth strategy, which consists of geographic expansion, product diversification and investments along the value chain.
ABN AMRO Bank N.V. ("ABN AMRO"), Crédit Agricole Corporate and Investment Bank ("CACIB"), Credit Suisse AG, DBS Bank Ltd ("DBS"), ING Bank N.V. ("ING"), Natixis, Coöperatieve Rabobank U.A. ("Rabobank"), Société Générale Corporate & Investment Banking ("SGCIB"), UBS Switzerland AG ("UBS") and UniCredit Bank AG ("UniCredit") (together the "Bookrunning Mandated Lead Arrangers") were mandated to arrange the Facility. ABN AMRO, ING, Natixis, Rabobank, UniCredit, CACIB and SGCIB acted as Active Bookrunners and Credit Suisse as Facility Agent.
The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:
- Tranche A : US$ 1.415 billion 364-day revolving credit facility with a 364-day extension option
- Tranche B : US$ 255 million 3-year revolving credit facility with a 364-day extension option
About Gunvor Group
Gunvor 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.
The company holds strategic investments in industrial infrastructure-refineries, pipelines, storage, terminals, mining and upstream-that further generate sustainable value across the global supply chain for its customers by complementing its core trading activities.
Since its founding in 2000, Gunvor has established a clear track record as a physical trader and leading marketer of crude oil, refined petroleum products, natural gas and liquefied natural gas, coal, biofuels, power and carbon emissions. The company has done so by building and securing extensive logistics capabilities and an advanced risk management system, which bring together shipping, logistics management and financing, transportation and storage, compliance, and the ability to arrange financing for its suppliers and customers.
The company today continues to fulfill its three pronged strategy: product diversification, geographical expansion, and selective investments in midstream and downstream energy assets that enhance control over the sourcing and distribution components of trading platforms.
The Group's main trading offices are in Geneva, Singapore, Nassau, Shanghai, Dubai and Houston with a network of representative offices around the globe.
Follow Gunvor on Twitter: @Gunvor.
Mr. Seth Pietras
+41 79 870 6290
Information om Marketwired
Følg pressemeddelelser fra Marketwired
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Marketwired
Bombardier Transportation15.5.2018 02:51 | pressemeddelelse
Bombardier's Real-Time Passenger Load Display Software Solution Launches in Singapore
Bombardier Inc.3.5.2018 22:49 | pressemeddelelse
Bombardier Announces the Election of its Board of Directors, Pays Tribute to Former CEO and Chairman Laurent Beaudoin
Bombardier Inc.3.5.2018 14:04 | pressemeddelelse
Bombardier Reports First Quarter 2018 Results, Announces Sale of Downsview Property and plans for new Centre of Excellence for Global Aircraft
Bombardier Inc.2.5.2018 16:22 | pressemeddelelse
REMINDER/Media Advisory: Bombardier to Report its First Quarter 2018 Financial Results and to Hold its Annual Meeting of Shareholders on Thursday, May 3
Bombardier Inc.23.4.2018 22:11 | pressemeddelelse
Media Advisory: Bombardier to Report its First Quarter 2018 Financial Results and to Hold its Annual Meeting of Shareholders on Thursday, May 3
Bombardier Transportation18.4.2018 16:08 | pressemeddelelse
Bombardier Signs Long-Term Maintenance Contract for Melbourne's First High-Capacity Signalling System
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum