(EnergyAsia, April 17 2013, Wednesday) — European commodities group Gunvor Group said it has recently secured a total of US$950 million in credit to support its fast-growing oil and gas business in Asia and the Middle East.
Last week, a wholly owned subsidiary, Gunvor Singapore Pte Ltd, launched US$650 million in syndicated revolving credit facilities to grow as well as diversify its financing for new investments and existing operations, with a focus on Asia.
Arab Petroleum Investments Corp (APICORP), Rabobank International, Société Générale Corporate & Investment Banking (SGCIB) and Sumitomo Mitsui Banking Corp (SMBC) and the Singapore branches of Bank of China, China Development Bank (CDB), DBS Bank Ltd, First Gulf Bank PJS, ING Bank NV and National Australia Bank Limited have been mandated to arrange the facilities.
APICORP, CDB, DBS, ING, Rabobank, SGCIB and SMBC will act as active bookrunners.
Gunvor said it will use the credit to refinance its revolving credit facility dated June 12 2012 as well as support general corporate and working capital requirements. The facilities will be offered in two tranches of one-year and three-year tenors.
The stand-alone Asian facility received overwhelming response and was over-subscribed by 35%, said Gunvor.
Separately, the group said subsidiaries Gunvor SA, Gunvor Middle East DMCC and Gunvor Singapore Pte Ltd have together launched the syndication of a US$300 million secured uncommitted borrowing base revolving credit facilities to provide working capital for the purchase of oil products and LNG, and physical transactions in the Middle East.
ABN AMRO Bank NV acting through its Dubai International Financial Center Branch has been appointed as bookrunner and mandated lead arranger. APICORP and Gulf International Bank BSC have joined as early bird mandated lead arrangers while Qatar National Bank has joined as an arranger before general syndication.
“The facilities are part of Gunvor’s global geographic expansion and its diversification of financing to support new investments and existing operations. Gunvor first opened a Middle East rep office in 2009, and formalised its presence in 2010 through the establishment of Gunvor Middle East DMCC in Dubai,” said Gunvor.