Gunvor has successfully closed an oversubscribed US$1.09bn revolving credit facility (RCF) in favour of wholly-owned subsidiaries Gunvor International and Gunvor SA, to finance working capital.
A spokesperson for the global commodity trader confirms to GTR that the RCF was originally launched at US$900mn, and will complement the group’s existing US$305mn facility, which matures in 2016. GTR can confirm this facility replaces the maturing tranche of the borrowers’ RCF dated December 6, 2013.
The facility consists of two tranches: a US$1.005bn one-year tranche and a US$85,000 three-year tranche. Eight banks participate as mandated lead arrangers and bookrunners under the facility: ABN Amro, Credit Suisse, DBS Bank, ING, Natixis, Rabobank, Société Générale and UBS. In total, a diverse group of 29 banks take part in the facility.
The RCF was originally launched at US$900mn, and will complement the group’s existing US$305mn facility.
Commenting on the transaction, group CFO at Gunvor, Jacques Erni, says: “We’re pleased to have the support of our banking partners and the participation of new banks.”
The other participating banks under the facility are as follows:
Senior mandate lead arranger
– Crédit Agricole
Mandated lead arrangers
– UniCredit Bank
– Deutsche Bank
– KfW Ipex Bank
– Mizuho Bank
– Raiffeisen Bank International
– Raiffeisenlandesbank Niedoresterreich-Wien
– Royal Bank of Scotland (RBS)
– ABC International Bank
– Arab Bank
– Attijariwafa Bank Europe
– BHF-Bank Aktiengesellschaft
– DZ Bank
– Emirates NDB
– Hua Nan Commercial Bank
– Mega International Commercial Bank
– Union de Banques Arabes et Franҫais (UBAF)