Gunvor closes $1.23 billion revolving credit facility in two tranches

By Cady Vishniac

Detroit, Nov. 13 – Gunvor Group Ltd. has signed an upsized $1,225,000,000 revolving credit facility in favor of Gunvor International BV and Gunvor SA in two tranches, a $1,005,000,000 364-day revolver with three 364-day extension options and a $220 million three-year revolver with one 364-day extension option.

The facility has a $150 million accordion. It initially launched at $1 billion but was oversubscribed by 22.5%.

Gunvor Group maintains about $17 billion in financing lines, including a $550 million revolver from Gunvor Singapore and a $1.1 billion borrowing base from Gunvor USA.

Cooperatieve Rabobank UA, Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank NV, Natixis, Societe Generale, UBS Switzerland AG and UniCredit Bank AG acted as bookrunning mandated lead arrangers and active bookrunners.

Emirates NBD PJSC acted as senior mandated lead arranger. Citigroup Global Markets Ltd., DZ Bank AG and Mizuho Bank Ltd. joined as mandated lead arrangers.

Apicorp, Sumitomo Mitsui Trust Bank, Commerzbank, DBS Bank, ICBC, MUFG and Sumitomo Mitsui Banking Corp. Europe Ltd. joined as lead arrangers.

Mashreqbank, Raiffeisen Bank International AG, ABN AMRO, Arab Bank (Switzerland) Ltd., Bank ABC, Banque de Commerce et de Placements, Erste Bank AG, Habib Bank AG and KfW-IPEX joined as arrangers.

Credit Suisse (Switzerland) Ltd. is facility and swingline agent.

Garanti Bank International and UBAF acted as participants.

The revolver will be used for general corporate purposes, including refinancing of the $1,165,000,000 364-day tranche of Gunvor’s 2018 European revolver and the $195 million three-year tranche of the company’s 2017 European revolver, both amended in November 2019.

Gunvor is a commodities trading house based in Geneva.

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