Gunvor Group closes $1.16 billion credit facility
Swiss oil and energy trader Gunvor Group says it has closed a $1.16 billion revolving credit facility that was oversubscribed by 45 percent.
The new credit, which Gunvor said it will use for general corporate purposes and to refinance existing debt, comes on the heels of a $530 million loan the company closed earlier in the week to finance crude oil storage in Panama and downstream sales in the Americas.
The company said the $1.16 billion credit draws on an expanded group of banks. The facility was launched at $800 million and was significantly oversubscribed and was subsequently expanded.
The $530 million loan, announced Tuesday, supports the company's work in Panama, where it has a 17 percent stake in Petroterminal de Panama S.A., a cooperative venture between the Panama government and private industry, as well as downstream activities in North and South America.