Oil trader Gunvor has closed a US$625mn oversubscribed borrowing base credit facility for its Independent Belgian Refinery (IBR).

The syndication was launched in July this year at US$500mn.

ING and Rabobank are the two mandated lead arrangers on the deal, while a quarter of the participation came from non-European markets, Gunvor says.

The loan will be used to finance the purchase of crude oil, feedstock and other facilities for Gunvor’s Belgian refinery, which it acquired in May this year.

“Confidence in Gunvor’s business plan for its refining operations is very strong, with about 45% of IBR’s facility consisting of new funding beyond standing allocations from our banking partners,” says Gunvor’s chief financial officer Jérôme Schurink.

Gunvor is currently working on another syndication to support operations for its recently acquired refinery in Ingolstadt, Germany.