Gunvor revolver oversubscribes

Oil trader Gunvor has been awarded an oversubscribed US$1.03bn revolving credit facility from a syndicate of 25 banks.

The facility, which was originally set for US$750mn and holds a price of 185 basis points over Libor, will be used to refinance the trader’s US$600mn 364-day revolving credit facility from June 30 last year, as well as for general corporate purposes.

The loan is split into two tranches; tranche A, which will go to Gunvor International and consists of a US$785mn 364-day revolving credit facility, and tranche B, which will be made available to Gunvor Singapore and consists of a US$245mn 364-day revolving credit facility.

A spokesperson from Gunvor tells GTR: “It seems that, in today’s climate, the banks understand the demands and business model of independent commodity taders. Gunvor has developed a good relationship with its partner banks over the recent years and they are confident with Gunvor’s business model. As a result, new banks, particularly ones from Asia, were keen to take part.”

The deal was arranged by BNP Paribas, Crédit Agricole CIB, Credit Suisse, Fortis Bank Nederland, HSBC, ING, Natixis, Rabobank and Société Générale CIB, who all acted as mandated lead arrangers and bookrunners.

The other banks involved in the deal are:
State Bank of India London
RZB
DBS
SMBC
UBS
UniCredit
Banco do Brasil
BHF
DZ
Banque Cantonale
Banque Internationale de Commerce
Commerzbank
Deutsche Bank
First Commercial Bank
First Gulf Bank
Union de Banques Arabes et Francaises