Commodity trader Gunvor Singapore has signed a US$911.7mn syndicated revolving credit facility (RCF) with 31 banks.
Launched at US$550mn, the facility was 65% oversubscribed, resulting in the opening of an accordion feature to accommodate additional participation.
DBS Bank, Emirates NBD Capital, ING, Maybank, Oversea-Chinese Banking Corporation, Rabobank and Société Générale (SG) acted as bookrunning mandated lead arrangers, with DBS, ING, Rabobank and SG as active bookrunners.
The full list of lenders has not been made public, but a statement by Gunvor states that it includes banks from Australia, China, Europe, India, Malaysia, the Middle East, Singapore, South Africa and Taiwan.
Proceeds will be used for debt repayment and general working capital requirements.
“Gunvor’s banking partners have expressed clear trust and confidence in our company and strategy,” says Anbu Ramasamy, regional CFO, Asia Pacific, Gunvor Singapore. “Thanks to our existing banks and many new ones which have joined this year, we are moving forward with considerable and diversified support for our Asia-Pacific operations.”
Calvin Tan, of counsel at Simmons & Simmons – which advised Gunvor on the deal – adds: “The successful syndication and closing of this jumbo deal within a relatively short timeframe is indicative of the rate at which Gunvor is growing, and the strong support it has from the leading commodity and trade banks.”
Law firm Allen & Overy advised the lenders.