Commodities trading house Gunvor Group Ltd has agreed a USD1,090,000,000 revolving credit facility in favour of Gunvor International BV and Gunvor SA .
The facility will replace the maturing tranche of the Borrower’s Revolving Credit Facility dated 6 December 2013 and be used to finance general corporate and working capital requirements. The facility was oversubscribed, having launched at USD900 million, and complements the existing USD305 million Facility that matures in 2016.
“We’re pleased to have the continuing support of our banking partners, as well as the participation of new banks,” says Jacques Erni, Gunvor Group CFO. “Gunvor continues to grow globally and our business strategy is on track.”
Gunvor launched its first Revolving Credit Facility in Europe in 2008, and it is now complemented by the Group’s Asian Revolving Credit Facilities, borrowing base facilities, and USD500 million bond. These facilities support Gunvor’s established and continuing global growth strategy, which consists of geographic expansion, product diversification, and investments along the value chain.