|By Marketwired .||
|December 13, 2012 04:00 AM EST||
GENEVA, SWITZERLAND -- (Marketwire) -- 12/13/12 -- 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., Credit Agricole Corporate and Investment Bank ("Credit Agricole CIB"), Credit Suisse AG, ING Bank N.V. ("ING Bank"), Natixis, Rabobank International ("Rabobank"), and Societe Generale Corporate & Investment Banking (together the "Bookrunning Mandated Lead Arrangers"). ABN AMRO Bank N.V., Credit Agricole CIB, ING Bank, Rabobank and Societe Generale 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. Credit Agricole CIB Credit Suisse AG ING Bank N.V. Natixis Rabobank International Societe Generale Corporate & Investment Banking Senior Mandated Lead Arrangers KfW IPEX-Bank UBS 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 Nedbank Arrangers Banque Cantonale de Geneve 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 Commerzbank DZ Bank Hua Nan Commercial Bank UBAF Lead Manager Mega International Commercial Bank
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.
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