Trading company Gunvor Singapore has returned to the market for a US$850mn syndicated revolving credit facility (RCF).

The facility closed almost 60% oversubscribed and has two tranches. The first is a US$135mn tranche for three years, the second for one-year and worth US$715mn.

The mandated lead arrangers (MLAS) are 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). Apicorp, CDB, DBS, ING, Rabobank, SocGen and SMBC also acted as bookrunners.

In total, there were 24 participants in the syndicate, but the others remain confidential. The RCF will replace a similar facility signed in June 2012 and for general corporate and working capital purposes. It is guaranteed by Gunvor Singapore’s parent company, Gunvor Group.

Gunvor and its subsidiaries have made regular use of the markets this year. In April, the Singaporean arm opened another RCF, this time worth US$650mn, with many of the same banks involved. Also in April, its Middle Eastern operation secured an RCF also led by Apicorp, among others.