Gunvor Increases Middle East Borrowing Base to US $525 Million
(firmenpresse) - GENEVA, SWITZERLAND -- (Marketwired) -- 07/20/15 -- Gunvor Group, comprising Gunvor SA, Gunvor Middle East DMCC and Gunvor Singapore Pte Ltd, (together "Gunvor" or the "Company") has signed a US $525 mil. secured uncommitted borrowing base facility (the "Facility"), which represents an increase of US $105 mil. over the prior year.
"Gunvor continues to welcome new banks in support of our business and our expanding presence in the Middle East region," said Tawfik Sadfi, Head of Structured Trade Finance. "We appreciate both this new and the ongoing support from our banking partners."
The Facility was arranged by ABN AMRO Bank N.V. (the "Bookrunner and Mandated Lead Arranger"). Arab Petroleum Investments Corporation (APICORP), Emirates NBD, Gulf International Bank, Mashreqbank and Qatar National Bank have joined the Facilities as Mandated Lead Arrangers (the "MLAs").
Three new banks joined this year, Commercial Bank of Dubai, National Bank of Fujairah and Qatar National Bank.
The Facility, which is guaranteed by the Company, will be used to finance working capital needs in respect of purchase of oil products, inventories, margin calls with the hedge providers and receivables related to physical transactions in the Middle-East region.
The deal structure is the same as last year with two tranches
Mandated Lead Arranger and Bookrunner:
Mandated Lead Arrangers
Arranger
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, metals and bulk materials from where they are sourced and stored to where they are demanded most. With strategic investments in industrial infrastructure-refineries, pipelines, storage, terminals, mining and upstream-Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at or (at)Gunvor.
Contacts:
Seth Thomas Pietras
+41 79 870 6290
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Datum: 20.07.2015 - 13:00 Uhr
Sprache: Deutsch
News-ID 407816
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GENEVA, SWITZERLAND
Kategorie:
Oil & Gas
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