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Gunvor Secures US $1.39 Billion Revolving Credit Facility

Gunvor Group Ltd / Gunvor Secures US $1.39 Billion Revolving Credit Facility . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.

Strong bank support for Group strategy results in substantial over-subscription

GENEVA, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Gunvor Group Ltd ("Gunvor" or the "Group") has signed a US $1.39 billion Revolving Credit Facility ("RCF") in favour of Gunvor International B.V. and Gunvor SA (the "Borrowers"). The RCF, launched at US $1 billion, was substantially over-subscribed, drawing in US $1.81 billion, a record high for the facility. The RCF was scaled back to accommodate the needs of the Group, which will use the funds to finance general corporate purposes and working capital requirements.

"Gunvor continues to receive considerable support from both its existing banking partners as well as from new ones," said Jacques Erni, CFO, Gunvor Group. "Thanks to our continuous efforts to tighten cash management and improve financial structuring, we have become more efficient financially, with reduced working capital needs. At the same time, Gunvor continues to implement our strategy of geographic expansion and product diversification, generating positive returns in a challenging and evolving environment."

The RCF will replace the maturing Tranche A (US $1.415 billion) of the Borrowers' US $1.67 billion RCF dated 17 November 2016 and Tranche B (US $210 million) of the US $1.36 billion RCF dated 23 November 2015. The first RCF for Gunvor in Europe was launched in 2008 and is complemented by the Group's Asian Revolving Credit Facilities, Borrowing Base facilities, and OBSI Facility.

ABN AMRO Bank N.V., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd, DBS Bank Ltd., ING Bank N.V., Natixis, Rabobank, Société Générale Corporate & Investment Banking, UBS Switzerland AG and UniCredit Bank AG (together the "Bookrunning Mandated Lead Arrangers") were mandated to arrange the Facility. ABN AMRO Bank N.V., Credit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis and Rabobank acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent.

Deutsche Bank AG, Amsterdam Branch, Mizuho Bank, Ltd, and Emirates NBD PJSC, London branch joined as Senior Mandated Lead Arrangers, with APICORP, Citigroup Global markets Limited, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frank am Main, KfW-IPEX, Nedbank and Sumitomo Mitsui Trust Bank as Mandated Lead Arrangers.

The Bank of Tokyo-Mitsubishi UFJ, Limited, Commerzbank, Raiffeisen Bank International AG, and Sumitomo Mitsui Banking Corporation joined as Lead Arrangers, with Mashreqbank, Arab Bank (Switzerland) Ltd, Banco do Brasil, Bank ABC, Banque de Commerce et de Placements, Goldman Sachs, Gulf International Bank, Habib Bank AG Zurich, HSH Nordbank and UBAF as Arrangers, with Participants China Construction Bank, Beijing, Swiss Branch Zurich, Commercial Bank of Dubai, Garanti Bank International, Banque Cantonale de Genève, Attijariwafa Bank and Erste Bank AG.

The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

  • Tranche A: US $1.14 billion 364-day revolving credit facility with two 364-day extension options, and;
  • Tranche B: US $250 million 3-year revolving credit facility with one 364-day extension option

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. 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.

More information can be found at GunvorGroup.com or @Gunvor.

Contact
Mr. Seth Thomas Pietras
stp@gunvorgroup.com
+41 79 870 62


WEB:http://gunvorgroup.com/

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