Commodity trader Gunvor has significantly increased the size of its off-balance sheet instrument revolving credit facility (RCF) since its launch a year ago, signing a US$990mn transaction with a syndicate of 25 banks. 

Gunvor says the facility opened at US$850mn but was heavily oversubscribed after syndication. As with last year’s deal, which closed in July at US$872.5mn, ING Bank is the sole co-ordinator and documentation agent, while Société Générale continues as facility agent. 

Initially introduced as part of an attempt to diversify its funding sources, the Geneva-headquartered trading giant says it will support its obligations to issue off-balance sheet instruments including bid bonds, performances bonds and other guarantee instruments. 

It has a US$300mn accordion option and a 364-day extension option, and is signed in favour of six Gunvor entities across Switzerland, the Netherlands, Germany and Singapore. 

ING, Natixis, Rabobank, Raiffeisen, SMBC and Société Générale join as issuing banks. 

Other participating European banks and institutions are Atradius, CA Indosuez, Commerzbank, Credit Suisse, Deutsche Bank, DZ Bank, Erste Group, Euler Hermes, HCC International Insurance Company, Liberty Mutual Insurance and UBS. 

Also participating are European branches or subsidiaries of Bank of China, China Construction Bank, DBS Bank, First Abu Dhabi Bank, Industrial and Commercial Bank of China, Markel Insurance, Mizuho Bank and Sumitomo Mitsui Trust Bank. 

Since the RCF was first signed last year, Gunvor has agreed several other high-value financing facilities. 

In November, it finalised its first sustainability-linked RCF, agreeing a US$1.45bn financing line in favour of its Dutch and Swiss operations, while its US subsidiary closed a US$1.33bn borrowing base facility from more than a dozen lenders. 

The following month, it agreed a US$1.1bn syndicated borrowing base facility supporting global LNG operations, a deal it described as a market first.