• 2023 February 28 12:21

  Gunvor signs new up-to-EUR 240 million EU emissions borrowing base

  

  Gunvor Group, a global physical energy trading company, has signed a new uncommitted borrowing base facility to support trading activities on the European Union Emissions Trading System (EU ETS), according to the company's release. The facility, which includes a EUR 100 million accordion feature, is scalable and secured, and will cover all working capital requirements from purchase-to-sale of EU allowances, including the associated derivative positions.
  
  For its part, Gunvor has already committed to reducing Scope 1 and 2 emissions by 40% by 2025. The company annually reports its emissions, including the most relevant Scope 3 categories.

  MUFG and Natixis CIB served as Mandated Lead Arrangers, respectively acting as Documentation Agent and Facility & Security Agent of the Facility. Credit Suisse served as Arranger and ING joins as Participant. Norton Rose Fulbright acted as legal advisor for the lenders.

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