Commodity trading giant Gunvor has grown its uncommitted borrowing base facility in the US to US$2.34bn with support from a syndicate of 21 lenders, including four new participants. 

Houston-headquartered Gunvor USA says the facility was strongly oversubscribed, which managing director David Garza says “reflects the continued confidence of our banking partners in the US business and Gunvor Group globally”. 

The facility consists of a US$1.75bn one-year tranche and a US$584mn two-year tranche, as well as a US$500mn accordion option. Funds will be used to provide working capital financing for trading activities as well as general corporate purposes. 

The agreement refinances last year’s Gunvor USA borrowing base facility, which closed at US$1.45bn in November and was expanded in May this year through a US$500mn accordion feature. 

The facility is led by Rabobank, which acts as administrative agent, mandated lead arranger, active bookrunner, coordinator and left lead. 

Société Générale joins as mandated lead arranger and active bookrunner, while ING Capital and MUFG are mandated lead arrangers and passive bookrunners. 

Citibank, Crédit Agricole CIB, the New York branch of Natixis and SMBC each act as joint lead arrangers and share co-syndication agent duties. 

Bank of China’s New York branch and First Abu Dhabi Bank USA join as new co-documentation agents, alongside existing lenders Deutsche Bank, ICBC, Mizuho and UBS Switzerland. Gunvor did not name the other participating lenders when contacted by GTR. 

Gunvor’s regional CFO for the Americas, Thomas Smith, says the trader’s financing partners “have shown robust support for our company’s strategy and positive outlook”. 

Garza adds: “Our business model has proven to be resilient during times of market stress. That success, combined with bank market support, affords us the ability to focus on strategic growth opportunities across North America.”