GENEVA, July 7 /PRNewswire/ -- Leading independent oil trader Gunvor
International B.V., headquartered in Amsterdam, has signed a revolving one-year
credit facility of USD 600m, successfully refinancing and extending last year's
debut of USD 370m. Just as the 2008 debut was oversubscribed, this year's
refinancing also attracted significant interest and original plans for a USD
450m facility were extended by an additional USD 150m.
A total of 17 banks provided funds, made up of all existing lenders and a number
of new ones not participating in last year's facility. The consortium of banks
was headed by BNP Paribas and Credit Suisse, this time joined as bookrunners by
others who were among the arrangers of last year's loans: Fortis Bank
(Netherland) N.V., ING Bank N.V., Rabobank International, Société Générale
and Crédit Agricole (Suisse) S.A.
A Gunvor spokesman commented: This is the first time Gunvor has refinanced a
syndicated loan and we are encouraged by the support shown to the company,
particularly given current market conditions. The banks' commitment is
indicative of the trust they have in our business and confidence in our future
growth plans. Gunvor has enjoyed rapid growth over the past decade, and we have
plans to ensure continued expansion in existing and new markets.
The funds available will be drawn down for use as working capital and as a
reserve for margin calls.
The banks acting as arrangers are: Natixis, Sumitomo Mitsui Banking Corporation
Europe Ltd, Industrial and Commercial Bank of China (London) Ltd, Raiffeisen
Zentralbank Österreich AG, DBS Bank Ltd (London Branch), Deutsche Bank
(Amsterdam Branch) AG, BHF-BANK AG, Banque Cantonale de Genève and Union de
Banques Arabes et Françaises.
Founded in 1997, Gunvor Group is one of the leading independent oil and refined
petroleum trading companies in the world. Gunvor provides integrated trading and
logistics solutions to off-takers in all the world's major oil markets.
SOURCE: Gunvor Group
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