Rlpc gunvor raises $536 mln loan refinancing

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Commodities trader Gunvor Group announced on Thursday that it has closed a $536.6 million syndicated revolving credit facility for its wholly-owned subsidiary Gunvor Singapore Pte Ltd. The facility will be used to partly refinance an existing $850 million dual-tranche facility signed in early June last year and support Gunvor's operations in Asia.

The financing was increased from a launch amount of $350 million, and also includes an accordion feature to potentially increase the facility through additional commitments. Arab Petroleum Investments Corp, DBS Bank, First Gulf Bank, ING Bank, Societe Generale and ABN AMRO Bank are bookrunners and mandated lead arrangers on the financing, while Rabobank International joined as a mandated lead arranger prior to launch of syndication.

The facility, which is guaranteed by Gunvor Group, is available in two tranches with maturities of one-year and three-years, respectively.

Earlier this year, Gunvor was briefly thrown into turmoil after the United States slapped sanctions on co-founder Gennady Timchenko, seen as an ally of President Vladimir Putin, as part of a broader move by the West to punish Russia for the annexation of Crimea. The turmoil largely subsided after Timchenko said he had sold his stake to Gunvor CEO and fellow co-founder Torbjorn Tornqvist a day before sanctions were imposed. Gunvor has always denied any close links to Putin or the Kremlin.