Gunvor Singapore Signs USD 850 Mil. Revolving Credit Facility
SINGAPORE, SINGAPORE -- (Marketwired) -- 06/05/13 -- Gunvor Singapore
Pte Ltd (the "Borrower"), a wholly-owned subsidiary of Gunvor Group
("Gunvor"), has signed a USD 850 Mil. syndicated revolving credit
facility ("RCF"). The facility, which launched at USD 650 Mil. and
attracted over USD 1 Bil. in commitments, closed almost 60%
oversubscribed. Its success represents continued strong interest in,
and support for, Gunvor's growth strategy for the Asia-Pacific
region. The RCF includes a USD 135 Mil. 3-year tranche and a USD 715
Mil. 1-year tranche.
"Gunvor stands on sound footing to advance its growth strategy in the
Asia-Pacific region, and we're encouraged by the clear support we
have seen," said Muriel Schwab, CFO Gunvor Singapore.
A total of 24 banks committed during general syndication. Arab
Petroleum Investments Corporation ("APICORP"), Bank of China,
Singapore Branch, China Development Bank ("CDB"), DBS Bank Ltd
("DBS"), First Gulf Bank PJSC, Singapore Branch, ING Bank N.V.,
Singapore Branch ("ING"), National Australia Bank Limited, Singapore
Branch, Rabobank International ("Rabobank"), Societe Generale
Corporate & Investment Banking ("SGCIB") and Sumitomo Mitsui Banking
Corporation ("SMBC") (together the "Bookrunning Mandated Lead
Arrangers") were mandated to arrange the facility. APICORP, CDB, DBS,
ING, Rabobank, SGCIB and SMBC served as Active Bookrunners.
Proceeds of the facility, which is guaranteed by Gunvor Group Ltd,
will be used to refinance the Borrower's revolving credit facility
dated 12 June 2012, and to finance general corporate and working
Gunvor 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.
Mr. Seth Thomas Pietras
+41 79 870 6290
Mr. Guy Hargreaves
+852 2103 2664
Press spacebar to pause and continue. Press esc to stop.