Gunvor Singapore Launches US $350 Mil. Revolving Credit Facility

Gunvor Singapore Launches US $350 Mil. Revolving Credit Facility  SINGAPORE, SINGAPORE -- (Marketwired) -- 04/27/14 --   Gunvor Singapore Pte Ltd (the "Borrower"), a wholly-owned subsidiary of Gunvor Group ("Gunvor" or the "Company"), has launched a US $350 mil. syndicated revolving credit facility (the "Facility"), which will support new investments and existing operations in the Asia-Pacific.   "Gunvor is in a strong position, having pursued a strategy to diversify how we finance our Asian activities with a number of dedicated borrowing bases in addition to our RCF," said Jacques Erni, CFO Gunvor Group. "A number of core banks have already committed to join the syndication, and we're very happy with the support we've seen from our banking partners."  During the last year, Gunvor launched borrowing bases dedicated to specific Asian trading, including:         --  US $510 mil. borrowing base for fuel oil trading  --  US $255 mil. borrowing base for gasoline trading  --  US $400 mil. borrowing base for Middle East activities   The stand-alone Asian Facility, first launched in 2012, is now complemented by the borrowing bases, as well as Gunvor's US $500 mil. bond and the US $1.515 bil. European RCF, which had been increased significantly in December 2013. These support Gunvor's established and continuing global growth strategy, which consists of geographic expansion, product diversification, and investments along the value chain.  Bookrunners and mandated lead arrangers of the Facility refinancing are Arab Petroleum Investments Corporation, DBS Bank Ltd, First Gulf Bank PJSC, Singapore Branch, ING Bank N.V., Singapore Branch, Malayan Banking Berhad, Singapore Branch, Societe Generale Corporate & Investment Banking and ABN AMRO Bank N.V., Singapore Branch. Rabobank International joined as MLA in senior syndication.   The Facilities, which are guaranteed by the Company, will be used to refinance the Borrower's revolving credit facility dated 6 June 2013 and to finance general corporate and working capital requirements of the Borrower. The Facilities will be offered in two tranches with a 1-year and 3-year tenor respectively.  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, mining and upstream-Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at www.gunvorgroup.com or @Gunvor.  Contacts: Gunvor Group Corporate Affairs Director Seth Thomas Pietras seth.pietras@gunvortrade.ch +41 79 870 6290