Gunvor’s Singapore entity has closed a US$1.12bn revolving credit facility (RCF) with a syndicate of 26 lenders.

The 364-day facility, guaranteed by the oil trader, includes two one-year extension options and will be used to refinance existing debt and for general corporate purposes and working capital.

Launched in April at US$550mn, Gunvor says the facility was oversubscribed by 88%. A US$90mn accordion feature was added in June to accommodate two new lenders.

The Asian RCF again includes pricing benefits for sustainability targets, after first being structured as a sustainability-linked deal in 2022.

A Gunvor spokesperson says the externally verified targets are those in the company’s latest sustainability and ethics report, which include a 35% cut in scope 1 and 2 emissions by 2024 compared to 2019 and reaching US$200mn of equity investments into non-hydrocarbon projects by the end of this year. The trader has also committed to an assessment of its assets, joint ventures and suppliers on human rights by 2025.

“The successful renewal of our Asian RCF is the result of the deep collaboration between Gunvor and its banking partners, supported by our strong performance and positive outlook. We are also glad to welcome new lenders joining our anchor facility,” says Jean Rohr, Gunvor’s regional chief financial officer for Asia Pacific.

Abu Dhabi Commercial Bank, China CITIC Bank International, DBS, MUFG, Natixis and Oversea-Chinese Banking Corporation are the active bookrunning mandated lead arrangers on the RCF, with Natixis also facility agent and sustainability co-ordinator.

The bookrunning mandated lead arrangers are Agricultural Bank of China, Arab Petroleum Investments Corporation, Emirates NBD, First Abu Dhabi Bank and State Bank of India.

Crédit Agricole Corporate and Investment Bank, ING and Rabobank are senior mandated lead arrangers., New joiner Indian Bank, together with Credit Suisse, Mizuho, Société Générale and UBS acting as mandated lead arrangers.

The lead arrangers are new joiner Habib Bank alongside Krungthai Bank and SMBC. New participant BCP Bank along with Sumitomo Mitsui Trust Bank, BIC – BRED, Commerzbank, National Bank of Fujairah and United Overseas Bank Limited act as arrangers.

Privately held Gunvor, one of the world’s biggest oil traders, posted a US$2.35bn net profit last year, buoyed by widespread commodity price spikes caused by Russia’s invasion of Ukraine and the global recovery from the Covid-19 pandemic.