Gunvor Closes Oversubscribed USD $1.16 Billion Revolving Credit Facility


GENEVA, SWITZERLAND--(Marketwire - Dec 13, 2012) - Gunvor Group ("Gunvor Group" or the "Company") has signed its USD $1,160,000,000 Revolving Credit Facility (the "Facility") in favour of Gunvor International B.V. ("Gunvor International") and Gunvor SA, (together the "Borrowers"). The Facility, oversubscribed by 45 percent, draws on an expanded pool of banks, as Gunvor continues to see new support for its operations.

The Facility was arranged by ABN AMRO Bank N.V., Crédit Agricole Corporate and Investment Bank ("Crédit Agricole CIB"), Credit Suisse AG, ING Bank N.V. ("ING Bank"), Natixis, Rabobank International ("Rabobank"), and Société Générale Corporate & Investment Banking (together the "Bookrunning Mandated Lead Arrangers"). ABN AMRO Bank N.V., Crédit Agricole CIB, ING Bank, Rabobank and Société Générale Corporate & Investment Banking were Active Bookrunners.

The Facility, which is guaranteed by the Company, will be used for general corporate purposes and to refinance the Borrowers'' 3-year revolving credit facility dated 21 June 2011 and the USD $852,000,000 revolving credit facility extended by 6 months on 19 June 2012 (the "Existing Facilities").

The Facility available to the Borrowers, which was launched at USD $800,000,000, was significantly oversubscribed after syndication and subsequently increased to USD $1,160,000,000, consists of 2 tranches split as follows:

  • Tranche A: USD $1,050,000,000 364-day revolving credit facility 
  • Tranche B: USD $110,000,000 3-year revolving credit facility

Together with the oversubscribed and increased USD $635,000,000 364-day Asian Facility for Gunvor Singapore signed in June 2012 this Facility evidences Gunvor''s successful strategy to grow and diversify its financing to support new investments and existing operations.

The participating banks in the Facility are as follows:

Mandated Lead Arrangers and Bookrunners
  ABN AMRO Bank N.V.
  Crédit Agricole CIB
  Credit Suisse AG
  ING Bank N.V.
  Rabobank International
  Société Générale Corporate & Investment Banking
Senior Mandated Lead Arrangers
  KfW IPEX-Bank

Mandated Lead Arrangers
  DBS Bank
  Sumitomo Mitsui Banking Corporation
  The Royal Bank of Scotland plc
  Unicredit Bank AG
  VTB Bank (Austria)
Lead Arrangers
  Raiffeisen Bank International
  State Bank of India
  Banco Do Brasil S.A.
  Bank Leumi
  Garanti Bank International
  National Australia Bank
  Banque Cantonale de Genève
  China Construction Bank
  Deutsche Bank
  Gulf International Bank
  Industrial and Commercial Bank of China
  ABC International Bank
  Banque de Commerce et de Placements
  BHF Bank
  DZ Bank
  Hua Nan Commercial Bank
Lead Manager
  Mega International Commercial Bank

About Gunvor

Gunvor Group is one of the world''s largest independent commodity trading companies by turnover, providing integrated trading products and logistics services for participants in the worldwide oil and energy markets. The Group''s main trading offices are in Geneva, Singapore, Nassau and Dubai, with a network of representative offices around the globe. Follow Gunvor on Twitter: @Gunvor.

Gunvor: Communications
Seth Thomas Pietras
+41 79 870 6290
Peter Hursthouse
+44 20 7809 3766

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