(EnergyAsia, June 10 2013, Monday) — Energy trader Gunvor Group said wholly owned subsidiary Gunvor Singapore Pte Ltd has secured US$850 million in credit from a syndicate of 24 international financial institutions.

The revolving credit facility will be used to refinance another facility obtained last year as well as pay for general corporate and working capital requirements.

The Geneva-based trader said it launched an offer for the facility at US$650 million, and attracted over US$1 billion in commitments, before closing it almost 60% oversubscribed.

The facility includes a US$135 million for a three-year period and a US$715 million for a year, the company said. It did not disclose the cost or terms of the borrowing.

The syndicate of lenders include Arab Petroleum Investments Corp (APICORP), Bank of China, Singapore Branch, China Development Bank (CDB), DBS Bank Ltd, First Gulf Bank PJSC, Singapore Branch, ING Bank’s Singapore Branch, National Australia Bank Limited’s Singapore Branch, Rabobank International, Société Générale Corporate & Investment Banking (SGCIB) and Sumitomo Mitsui Banking Corporation (SMBC).

The offer’s oversubscription “represents continued strong interest in, and support, for Gunvor’s growth strategy for the Asia-Pacific region,” said spokesman Seth Pietras.

Muriel Schwab, Gunvor Singapore’s chief financial officer, said:

“Gunvor stands on sound footing to advance its growth strategy in the Asia-Pacific region, and we’re encouraged by the clear support we have seen.”

From its main trading centres in Geneva, Singapore, the Bahamas and Dubai, Gunvor trades crude, oil products, liquefied natural gas (LNG), natural gas, coal and emissions, and provides shipping services for the delivery of energy products around the world.