Gunvor closes $1.1 billion credit facility with $500 million accordion

By Cady Vishniac

Detroit, Nov. 23 – Gunvor USA LLC, a subsidiary of Gunvor Group Ltd., closed a $1.1 billion borrowing base credit facility with a $500 million accordion, according to a press release.

Proceeds will refinance Gunvor USA’s existing borrowing base facility signed October 2019, provide working capital financing for merchant activities and fund general corporate purposes.

Rabobank is administrative agent, active bookrunner and joint lead arranger. ING Capital LLC, Natixis, New York Branch and Societe Generale are joint bookrunners and joint lead arrangers.

There are an addition 12 banks in the lending syndicate for the facility, five of which are new.

Zukerman Gore Brandeis & Grossman, LLP served as counsel to the lenders. McGuireWoods LLP served as counsel to the borrower.

Gunvor USA is an energy commodity merchant with headquarters in Houston, Tex. Gunvor is a commodities trading house based in Geneva.

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