Gunvor Singapore, a wholly-owned subsidiary of Gunvor Group, has increased its US$911.7mn syndicated revolving credit facility (RCF) to US$1.06bn to accommodate additional interest.
The facility was originally launched at US$550mn and was 65% oversubscribed in June. Since then, seven more banks have joined the RCF’s original 31-bank lender group by accordion, including First Gulf Bank, Bank of Baroda, TBK, Bank Mandiri (Persero), Arab Petroleum Investments Corporation (Apicorp), Banque Misr, Bank SinoPac and Taiwan Business Bank. DBS, ING, Rabobank and Sociéte Générale acted as active bookrunners.
The facility is guaranteed by Gunvor Group. It will be used for debt repayment and to finance Gunvor Singapore’s general corporate and working capital requirements.