Gunvor Group Closes $725m Borrowing Base Facility

Swiss oil and energy trader Gunvor Group has closed a $725m borrowing base facility to support its Dutch operations, the company said in a statement.

The facility, launched by subsidiary Gunvor SA and Gunvor Belgium NV, will provide working capital for the company's refining activities in the Amsterdam-Rotterdam-Antwerp region.

The 364-day facility launched at US$700m and was oversubscribed at US$805m, before being scaled back to US$725m.

Thirteen banks participated in the deal. ING acted as coordinator, bookrunning mandated lead arranger (MLA) and was the facility and security agent. Rabobank was senior MLA and co-arranger.

Societe Generale (SGE.SG) and DBS Bank were MLAs, while Raiffeisen Bank, Credit Suisse, Credit Agricole (XCA.F), Nedbank, ABN Amro, Unicredit, Sumitomo Mitsui Trust and Mizuho all served as lead arrangers. MUFG was arranger.

Gunvor's operations in the Amsterdam-Rotterdam-Antwerp region comprise the Gunvor Petroleum Antwerp, Gunvor Petroleum Rotterdam and the Maasvlakte Olie Terminal.

The latter two were added to the facility this year following Gunvor's acquisition of GPR and its share in MOT in February.

(By Hannah Brenton)