Commodities trader Gunvor has opened a US$650mn revolving credit facility (RCF) with a syndicate of banks.

The company’s Singaporean arm has arranged the financing, which will be used to refinance a similarly-sized facility arranged in June 2012. The RCF has two tranches, of one and three years respectively.

Arab Petroleum Investments Corporation (Apicorp), Bank of China, China Development Bank (CDB), DBS Bank, First Gulf Bank, ING, National Australia Bank, Rabobank, Société Générale and Sumitomo Mitsui Banking Corporation (SMBC) are mandated lead arrangers (MLAs). Apicorp, CDB, DBS, ING, Rabobank, SG CIB and SMBC have acted as active bookrunners.

Gunvor declined to comment on the structure and terms of the finance.