Gunvor Group has signed a US$525mn secured uncommitted borrowing base facility, an increase of US$105mn from the previous year’s.
The facility is organised in two tranches, a US$150mn secured uncommitted loan facility, and a US$375mn secured uncommitted bilateral facility, which are both guaranteed by the company.
ABN Amro acted as bookrunner and mandated lead arranger (MLA). Arab Petroleum Investments Corporation (Apicorp), Emirates NBD, Gulf International Bank, Mashreqbank and Qatar National Bank participated as MLAs, and Arab Bank (Switzerland), Commercial Bank of Dubai, National Bank of Fujairah and Nedbank as arrangers.
Of these, Commercial Bank of Dubai, National Bank of Fujairah and Qatar National Bank joined the facility this year. “Gunvor continues to welcome new banks in support of our business and our expanding presence in the Middle East region,” said Tawfik Sadfi, head of structured trade finance. “We appreciate both this new and the ongoing support from our banking partners.”
The facility will be used to finance working capital needs in respect of purchase of oil products, inventories, margin calls with the hedge providers and receivables related to physical transactions in the Middle East region.