Gunvor USA obtains $875 million borrowing base facility via Rabobank

By Tali Rackner

Minneapolis, Nov. 7 – Gunvor USA LLC closed the syndication of its $875 million borrowing base credit facility with Rabobank as administrative agent, according to a Tuesday press release from parent company Gunvor Group Ltd.

The facility will support the company’s operations in the United States, as well as planned expansion into Canada.

“Our expanded facility enables Gunvor USA to build on our trading activities across the commodities space in North America,” Gunvor USA treasurer Chris Morran said in the release.

“The oversubscription of the transaction and 75% increase in the facility amount demonstrate the level of confidence our banking partners have with our North American strategy.”

Rabobank and ABN Amro Capital USA LLC acted as joint bookrunners on the deal with Rabobank, ING Capital, LLC, Natixis, New York Branch and Societe Generale as joint lead arrangers.

The syndicate also includes Credit Agricole Corporate and Investment Bank, Deutsche Bank AG, New York Branch, Mizuho Ltd. and Sumitomo Mitsui Banking Corp.

With two main offices in Houston and Stamford, Conn., Gunvor USA focuses on trading refined products, crude oil and natural gas. It is a wholly owned indirect subsidiary of Gunvor Group, a commodities trading house based in Geneva.

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