Gunvor Group Ltd has signed a $990 million Off Balance Sheet Instruments (OBSI) revolving credit facility.
This has been enacted in favour of Gunvor SA, Gunvor International B.V., Gunvor Deutschland GmbH, Gunvor Singapore Pte. Ltd., Gunvor Raffinerie Ingolstadt GmbH and Gunvor Petroleum Rotterdam B.V..
The facility received strong support from Gunvor’s banking and institutional partners closing at $990 million, a sizeable increase from the 2021’s refinancing at $872.5 million.
The facility will support Gunvor in connection with its obligations to issue direct or indirect OBSIs as part of its business. This includes bid bonds, performance bonds, and various other types of guarantee instruments.
The facility has a $300 million accordion option and a 364 day extension option.
ING Bank N.V. (ING) acted as sole coordinator and documentation agent in the facility whilst Société Générale continues in its role as the facility agent.
Coöperatieve Rabobank U.A., ING Bank N.V., Amsterdam, Lancy/Geneva Branch, Natixis, Raiffeisen Bank International AG, Société Générale and SMBC Bank International Plc are the Issuing Banks.
The facility launched at $850 million and was increased to $990 million after syndication.
The participation banks and institutions in the facility are as follows:
- Atradius
- Bank of China Limited, London Branch
- CA Indosuez (Switzerland) SA
- China Construction Bank Corporation, Beijing, Swiss Branch Zurich
- Commerzbank AG, London Branch
- Coöperatieve Rabobank U.A.
- Credit Suisse (Switzerland) Ltd.
- DBS Bank Ltd., London Branch
- Deutsche Bank AG, Amsterdam branch
- DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
- Erste Group Bank AG
- Euler Hermes S.A.
- First Abu Dhabi Bank (PJSC)
- HCC International Insurance Company Plc
- Industrial and Commercial Bank of China Limited, London Branch
- ING Bank N.V.
- Liberty Mutual Insurance Europe SE
- Markel Insurance SE
- Mizuho Bank, Ltd
- Natixis
- Raiffeisen Bank International AG
- SMBC Bank International plc
- Société Générale
- Sumitomo Mitsui Trust Bank, Limited (London Branch)
- UBS Switzerland AG
