Gunvor USA Secures USD 875 Million Borrowing Base Facility
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Gunvor Group Ltd /
Gunvor USA Secures USD 875 Million Borrowing Base Facility
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HOUSTON, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Gunvor USA LLC, a subsidiary of
Gunvor Group, has successfully closed the syndication of its USD 875 million
Borrowing Base Credit Facility. The facility will support the company's
established operations in the United States, as well as planned expansion into
Canada. Gunvor USA LLC has two main offices, located in Houston (TX) and
Stamford (CT), which are focused on trading refined products, crude oil and
natural gas.
"Our expanded facility enables Gunvor USA to build on our trading activities
across the commodities space in North America," said Chris Morran, Treasurer of
Gunvor USA. "The oversubscription of the transaction and 75% increase in the
facility amount demonstrate the level of confidence our banking partners have
with our North American strategy."
The new facility is jointly lead arranged by Rabobank, which will also serve as
Administrative Agent and Active Bookrunner, and ABN Amro Capital USA LLC as
Joint Bookrunner. ING Capital, LLC, Natixis, New York Branch, and Société
Générale join as Joint Lead Arranger in the transaction. The syndicate also
includes Credit Agricole Corporate and Investment Bank, Deutsche Bank AG, New
York Branch, Mizuho Ltd. and Sumitomo Mitsui Banking Corporation.
"Gunvor USA has grown rapidly since its launch in 2016, and has significantly
expanded its bank group as part of the refinancing," said David Garza, President
of Gunvor USA and Managing Director for its North American operations. "In the
last year, Gunvor USA has hired more than 60 people for its North American
operations, and opened trading offices in Houston and Stamford, and now a rep
office in Calgary. We've been able to grow at an accelerated pace with the
support of our banking partners."
Gunvor USA LLC is a wholly-owned indirect subsidiary of Gunvor Group Ltd., one
of the largest independent energy commodity traders in the world.
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 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 GunvorGroup.com or (at)Gunvor.
Contact:
Seth Pietras
Phone Number: +41798706290
Email: seth.pietras(at)gunvortrade.ch
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Gunvor Group Ltd via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 07.11.2017 - 17:37 Uhr
Sprache: Deutsch
News-ID 567028
Anzahl Zeichen: 3492
contact information:
Town:
Geneva
Kategorie:
Business News
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