Gunvor has revealed to GTR that it has closed a new one-year US$290mn revolving credit facility to support its European refinery activities.

ABN Amro and ING Bank acted as the joint co-ordinators in the facility, and as the facility agent and active bookrunner/documentation agent respectively. ABN Amro and DZ Bank are the issuing banks.

The facility, which was launched at US$250mn, was significantly oversubscribed after syndication and subsequently increased to US$290mn.

Commenting on the completion of the new facility, a Gunvor spokesperson tells GTR: “We’re very pleased with the support received from our banks in helping us to simplify our financing. This facility demonstrates the evolution of how and what we’re trading.”

The facility, which is guaranteed by the company, will be used for general corporate and working capital purposes of Gunvor Group subsidiaries via uncommitted off balance sheet instruments issued in the form of standby letter of credits, bid bonds, performance bonds and/or guarantees.

The Gunvor spokesperson adds to GTR: “The facility will help support new investments and existing operations, particularly with the trading of our refineries and other complimentary operations.”

The Gunvor Group, which reportedly trades more than 2.5 million barrels of crude oil and products daily, closed the facility in favour of Gunvor SA, Gunvor International B.V., Gunvor Deutschland GmbH, Gunvor Raffinerie Ingolstadt GmbH and Independent Belgium Refinery NV.

The participating banks in the facility are as follows:

Mandated lead arrangers and bookrunners
– ABN Amro
– ING Bank
– DZ Bank
– Euler Hermes

Mandated lead arrangers
– Natixis
– Rabobank

Lead arrangers
– Credit Suisse
– Société Générale Corporate & Investment Banking