Gunvor to get a $1.30bn revolving credit
Gunvor International B.V. and Gunvor Singapore Pte Ltd have signed an agreement to get a $1,030 billion Revolving Credit Facility (versus $750m earlier announced), the Gunvor press release said.
The Facility was arranged by BNP Paribas, Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, Fortis Bank (Nederland) N.V., The Hongkong and Shanghai Banking Corporation Limited, ING Bank, Natixis, Rabobank International and Société Générale Corporate & Investment Banking (together the “Bookrunning Mandated Lead Arrangers”).
A total of 16 banks committed during general syndication in addition to the 9 Bookrunning Mandated Lead Arrangers.
The company said the facility will be used for general corporate purposes and to refinance the Gunvor’s existing $600m 364-day revolving credit facility dated June 30, 2009. The facility consists of two split tranches.
An accordion clause will allow for a limited increase in the Facility Amount. Bank of Baroda, Mega ICBC and West LB have already committed to join through this clause.