HOUSTON, Nov. 23, 2020 /PRNewswire/ -- Gunvor USA LLC
("Gunvor USA" or "the Company"), a subsidiary of Gunvor Group Ltd
("Gunvor" or "the Group"), has successfully closed the syndication
of its USD 1.1 billion borrowing base
credit facility ("the Facility"). The Facility includes a
USD 500 million accordion feature,
which remains available to support future growth.
The proceeds of the Facility will refinance Gunvor USA's
existing borrowing base facility signed in October 2019, provide continued working capital
financing for the Company's merchant activities, and fund general
corporate purposes.
"Gunvor USA continues to enjoy strong and steady support from
our banking partners as we effectively navigate the challenging
market environment," said Chris
Morran, CFO of Gunvor USA. "We are pleased to have attracted
five new lenders to our facility, along with a substantial amount
of oversubscription, which reflects the confidence in our business
and strategy as Gunvor expands further into the North American
market."
The Facility is jointly lead arranged by Rabobank, which will
also serve as Administrative Agent and Active Bookrunner, and ING
Capital LLC, Natixis, New York
Branch, and Société Générale as Joint Bookrunners and Joint Lead
Arrangers in the transaction. The syndicate is further supported by
a diverse group of 12 additional lenders, five of which are new to
the Facility.
"Through the first nine months of 2020, the North American
business has been a significant contributor to the Group," said
David Garza, Managing Director
Gunvor USA. "The strong expansion of
our banking partners emphasizes the company's commitment to the
Americas business."
Zukerman Gore Brandeis & Grossman, LLP served as counsel to
the lenders. McGuireWoods LLP served as counsel to the
borrower.
About Gunvor USA LLC
Gunvor USA LLC is a
wholly-owned indirect subsidiary of Gunvor Group Ltd, one of the
world's largest independent energy commodity traders in the world.
Gunvor USA is a North American energy commodity merchant focused on
the marketing and trading of physical refined products, crude oil,
renewables, natural gas, and power. Gunvor USA is headquartered in
Houston, Texas, with trading
offices in Stamford, Connecticut
and Calgary, Canada.
About Gunvor Group
Gunvor Group is one of the
world's largest independent commodities trading houses by turnover,
creating logistics solutions that safely and efficiently move
physical energy from where they it is sourced to where it is are
demanded most. With strategic investments in industrial
infrastructure—refineries, pipelines, storage and terminals—Gunvor
further generates sustainable value across the global supply chain
for its customers. In 2019, Gunvor Group generated USD 75 billion in revenue on 198 million MT of
volumes. The Group's main trading offices are in Geneva, Singapore, Houston and London, with a network of more than 20
representative and other trading offices around the globe.
More information can be found at GunvorGroup.com.
Mr. Seth Thomas Pietras
stp@gunvorgroup.com
+41-79-870-6290
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SOURCE Gunvor Group