Oil trader Gunvor Singapore has closed a US$635mn oversubscribed syndicated revolving credit facility with 28 international and local banks.

The one-year facility was launched in April this year at US$470mn. Proceeds of the loan will be used to refinance the company’s existing debt and to finance its general and working capital needs.

“By attracting such considerable confidence from local banks in the Asia Pacific region, our Singapore regional hub Gunvor Singapore has built a truly regional portfolio of support for our growth strategy,” says Torbjorn Tornqvist, chairman and chief executive officer of Gunvor Group.

Bookrunning mandated lead arrangers include:

China Development Bank
Arab Petroleum Investments Corporation
DBS Bank
First Gulf Bank
ING Bank
Société Générale CIB

Participating banks include:

United Overseas Bank
Bank ofBaroda
Crédit Agricole CIB
ABN Amro
Bank of Taiwan
Chinatrust Commercial Bank
Emirates NBD
First Commercial Bank,
The Mauritius Commercial Bank
Qatar National Bank
Raiffeisen Bank International
The Bank of East Asia
Chang Hwa Commercial Bank
Land Bank of Taiwan
Mega International Commercial Bank
Bank Mandiri (Persero)

Facility Agent: