Gunvor Closes Oversubscribed USD 400 Mil. Middle East Borrowing Base
(firmenpresse) - DUBAI, UNITED ARAB EMIRATES -- (Marketwired) -- 08/01/13 -- Gunvor Group, here comprising Gunvor SA, Gunvor Middle East DMCC and Gunvor Singapore Pte Ltd, (together "Gunvor" or the "Company") has signed USD 400 mil. secured uncommitted borrowing base facilities (the "Facilities"). The Facilities available to the Borrowers, launched at USD 300 mil. and were significantly oversubscribed, enabling an increase to USD 400 mil. and a downscale of the lenders.
The Facilities were arranged by ABN AMRO Bank N.V. (the "Bookrunner and Mandated Lead Arranger"). Arab Petroleum Investments Corporation (APICORP) and Gulf International Bank B.S.C. have joined the Facilities as Early Bird Mandated Lead Arrangers (the "Early Bird MLAs") prior to general syndication. Additionally, Mashreqbank psc has joined the Facilities with a top tier ticket in general syndication (together with the Bookrunner and the Early Bird MLAs the "Mandated Lead Arranger Group").
The Facilities, which are guaranteed by the Company, will be used to finance working capital needs in respect of purchase of oil products, margin calls with the hedge providers and receivables related to physical transactions in the Middle-East region.
The Facilities consist of two tranches:
The Facilities are part of Gunvor's global geographic expansion and its diversification of financing to support new investments and existing operations. Gunvor first opened a Middle East representative office in 2009 and formalised its presence in 2010 through the establishment of Gunvor Middle East DMCC, located in Dubai, United Arab Emirates. In three years, Gunvor has become one of the region's main traders and continues to expand with a focus on long-term investment in the Middle East.
The participating banks in the Facilities are as follows:
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 it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure-refineries, pipelines, storage, terminals and coal mining-Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at or (at)Gunvor.
Contacts:
Gunvor Group
Seth Thomas Pietras
Communications Director
+41 79 870 6290
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Datum: 01.08.2013 - 13:00 Uhr
Sprache: Deutsch
News-ID 283938
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DUBAI, UNITED ARAB EMIRATES
Kategorie:
Oil & Gas
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