Banks Support Gunvor With USD 600m Syndicated Loan

GENEVA - Leading independent oil trader Gunvor International B.V., headquartered in Amsterdam, has signed a revolving one-year credit facility of USD 600m, successfully refinancing and extending last year’s debut of USD 370m. Just as the 2008 debut was oversubscribed, this year’s refinancing also attracted significant interest and original plans for a USD 450m facility were extended by an additional USD 150m.

A total of 17 banks provided funds, made up of all existing lenders and a number of new ones not participating in last year’s facility. The consortium of banks was headed by BNP Paribas and Credit Suisse, this time joined as bookrunners by others who were among the arrangers of last year’s loans: Fortis Bank (Netherland) N.V., ING Bank N.V., Rabobank International, Société Générale and Crédit Agricole (Suisse) S.A.

A Gunvor spokesman commented: “This is the first time Gunvor has refinanced a syndicated loan and we are encouraged by the support shown to the company, particularly given current market conditions. The banks’ commitment is indicative of the trust they have in our business and confidence in our future growth plans. Gunvor has enjoyed rapid growth over the past decade, and we have plans to ensure continued expansion in existing and new markets.”

The funds available will be drawn down for use as working capital and as a reserve for margin calls.

The banks acting as arrangers are: Natixis, Sumitomo Mitsui Banking Corporation Europe Ltd, Industrial and Commercial Bank of China (London) Ltd, Raiffeisen Zentralbank Österreich AG, DBS Bank Ltd (London Branch), Deutsche Bank (Amsterdam Branch) AG, BHF-BANK AG, Banque Cantonale de Genève and Union de Banques Arabes et Françaises.

About Gunvor

Founded in 1997, Gunvor Group is one of the leading independent oil and refined petroleum trading companies in the world. Gunvor provides integrated trading and logistics solutions to off-takers in all the world’s major oil markets.

Source: Gunvor Group

For further information: Weber Shandwick, Alex Brod, +44(0)7912-477760, +44(0)20-7067-0362, abrod at webershandwick.com; Weber Shandwick, Ross Whittam, +44(0)7747-613-678, +44(0)20-7067-0344, rwhittam at webershandwick.com