Gunvor Singapore Pte. Ltd., a wholly-owned subsidiary of Gunvor Group Ltd, has closed a US $600 million borrowing base facility to support the working capital needs of its Asian fuel oil business, according to the company's release. The facility, which has a one-year tenure and an accordion feature, covers import finance and funding of inventory, receivables and hedging positions, and will use Komgo’s new innovative digital solution for monitoring and reporting.
The Facility and Security agent is Natixis CIB, Singapore Branch. Other participating banks include ING Bank N.V. Singapore Branch, Credit Agricole Corporate and Investment Bank Singapore Branch, and Abu Dhabi Commercial Bank PJSC. Arab Banking Corporation B.S.C. Singapore branch, joined via accordion.
For the first time in any of its facilities, Gunvor has appointed digital trade service provider Komgo to be Digital Agent on the Facility. Komgo’s solutions will be deployed for monitoring of inventory, receivables, liabilities and hedging, and will further provide a digital reporting tool to reduce manual operations while increasing transparency for lenders. This will help automate, simplify and authenticate reporting, ensuring greater transactional security.
Gunvor is a key player in the fuel oil market in Singapore, a core industry in the South East Asian trading hub, and draws on the region’s sophisticated storage and shipping infrastructure for its blending and logistics activities.