SINGAPORE -- (Marketwired) -- 04/08/13 -- Gunvor Singapore Pte Ltd (the "Borrower"), a wholly-owned subsidiary of Gunvor Group ("Gunvor" or the "Company"), today launched US$ 650,000,000 syndicated revolving credit facilities (the "Facilities"). The launch is part of Gunvor's successful strategy to both grow and diversify its financing to support new investments and existing operations, which includes an increased focus on Asia.
Arab Petroleum Investments Corporation ("APICORP"), Bank of China, Singapore Branch, China Development Bank ("CDB"), DBS Bank Ltd ("DBS"), First Gulf Bank PJSC, Singapore Branch, ING Bank N.V., Singapore Branch ("ING"), National Australia Bank Limited, Singapore Branch, Rabobank International ("Rabobank"), Societe Generale Corporate & Investment Banking ("SGCIB") and Sumitomo Mitsui Banking Corporation ("SMBC") (together the "Bookrunning Mandated Lead Arrangers") have been mandated to arrange the Facilities. APICORP, CDB, DBS, ING, Rabobank, SGCIB and SMBC will act as Active Bookrunners.
The Facilities, which are guaranteed by the Company, will be used to refinance the Borrower's revolving credit facility dated 12th June, 2012 and to finance general corporate and working capital requirements of the Borrower. The Facilities will be offered in two tranches with a 1-year and 3-year tenor respectively.
The stand-alone Asian facility first launched in 2012 and received overwhelming response with over-subscription by 35 percent. This support affirmed Gunvor's global growth strategy, which consists of geographic expansion, product diversification, and investments along the value chain.
Gunvor is one of the world's largest independent commodity trading companies by turnover, providing integrated trading products and logistics services for participants in the worldwide oil and energy markets. The Group's main trading offices are in Geneva, Singapore, Nassau and Dubai, with a network of representative offices around the globe. Follow Gunvor on Twitter: @Gunvor.
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