Commodity trader Gunvor has refinanced a one-year, US$340mn borrowing base facility to support its growth in Central and South America.

The facility was increased from last year’s amount of US$300mn. CA Indosuez Switzerland (part of the Crédit Agricole group) and Natixis were arrangers on the facility, while Natixis also acted as agent. Citibank joined as a new participant with the accordion feature.

The financing will help meet Gunvor’s working capital needs for crude oil activities around the Petroterminal de Panama (PTP) pipeline and storage.

Gunvor recently cut its ties with Russia and decided to focus primarily on the American continent for growth.