Gunvor Group has successfully refinanced its US$500mn facility, which will be used to refinance its maturing facility and to support activities in greater Bavaria.
Gunvor, which reportedly trades more than 2.5 million barrels of crude oil and products daily, had signed the maturing facility in July 2013 and the plan for the Group is to continue financing refining and marketing activities in Greater Bavaria and the surrounding areas.
UniCredit and Deutsche Bank have acted as the bookrunners and mandated lead arrangers on the new facility, which was successfully renewed with the participation of the original lenders remaining at the same levels.
Gunvor maintained the size of the the US$500mn uncommitted secured revolving borrowing base facility, as it is defined by the volume flowing through the Ingolstadt refinery. Gunvor’s German entities comprise of Gunvor Raffinerie Ingolstadt and the refinery’s German marketing company, Gunvor Deutschland.
Both companies ensure the supply of fuel, heating oil and other important refined products in south Germany. They also contribute to a competitive environment in the bordering countries of Austria, Switzerland and Czech Republic.
A Gunvor spokesperson tells GTR: “We appreciate the commitment of our banking partners, which reflect the high level of support we have for our business.”