Gunvor Said to Consider Boosting $800 Million of Credit Lines
Gunvor Group Ltd. is considering increasing the size of an $800 million loan facility after banks offered more than was sought in syndication, according to a person with direct knowledge of the deal.
The facility, which is divided between 364-day and three- year credit lines, is due to sign next week, said the person, who asked not to be identified because the terms are private.
The energy trading company founded by billionaires Gennady Timchenko and Torbjorn Tornqvist hired ABN Amro Bank NV, Credit Agricole SA (ACA), Credit Suisse Group AG, ING Groep NV, Natixis, Rabobank International and Societe Generale SA to arrange the financing to Gunvor International BV and Gunvor SA, according to data compiled by Bloomberg.
Gunvor, founded in 1999 to trade Russian oil, said in October the loan helps diversify its funding and will refinance part of the $1.55 billion facility signed in June 2011. It already replaced some of that loan with a $635 million credit line in June this year.
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