Gunvor Closes Oversubscribed USD 400 Mil. Middle East Borrowing Base
DUBAI, UNITED ARAB EMIRATES -- (Marketwired) -- 08/01/13 -- Gunvor
Group, here comprising Gunvor SA, Gunvor Middle East DMCC and Gunvor
Singapore Pte Ltd, (together "Gunvor" or the "Company") has signed
USD 400 mil. secured uncommitted borrowing base facilities (the
"Facilities"). The Facilities available to the Borrowers, launched at
USD 300 mil. and were significantly oversubscribed, enabling an
increase to USD 400 mil. and a downscale of the lenders.
The Facilities were arranged by ABN AMRO Bank N.V. (the "Bookrunner
and Mandated Lead Arranger"). Arab Petroleum Investments Corporation
(APICORP) and Gulf International Bank B.S.C. have joined the
Facilities as Early Bird Mandated Lead Arrangers (the "Early Bird
MLAs") prior to general syndication. Additionally, Mashreqbank psc
has joined the Facilities with a top tier ticket in general
syndication (together with the Bookrunner and the Early Bird MLAs the
"Mandated Lead Arranger Group").
The Facilities, which are guaranteed by the Company, will be used to
finance working capital needs in respect of purchase of oil products,
margin calls with the hedge providers and receivables related to
physical transactions in the Middle-East region.
The Facilities consist of two tranches:
-- Tranche A: US$ 145,000,000 secured uncommitted loan facility
-- Tranche B: US$ 255,000,000 secured uncommitted bilateral facilities
The Facilities are part of Gunvor's global geographic expansion and
its diversification of financing to support new investments and
existing operations. Gunvor first opened a Middle East representative
office in 2009 and formalised its presence in 2010 through the
establishment of Gunvor Middle East DMCC, located in Dubai, United
Arab Emirates. In three years, Gunvor has become one of the region's
main traders and continues to expand with a focus on long-term
investment in the Middle East.
The participating banks in the Facilities are as follows:
Mandated Lead Arranger and Bookrunner:
ABN AMRO Bank N.V.
Mandated Lead Arrangers:
Arab Petroleum Investments Corporation (APICORP)
Gulf International Bank B.S.C.
Arab Bank (Switzerland) Ltd.
Emirates NBD PJSC, London Branch
Nedbank Limited, London Branch
Qatar National Bank S.A.Q.
British Arab Commercial Bank plc
About Gunvor Group
Gunvor Group is one of the world's largest independent commodities
trading houses by turnover, creating logistics solutions that safely
and efficiently move physical energy from where it is sourced and
stored to where it is demanded most. With strategic investments in
energy infrastructure-refineries, pipelines, storage, terminals and
coal mining-Gunvor further generates sustainable value across the
global supply chain for its customers. More information can be found
at www.gunvorgroup.com or @Gunvor.
Seth Thomas Pietras
+41 79 870 6290
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