Gunvor USA Secures USD 875 Million Borrowing Base Facility
Gunvor Group Ltd / Gunvor USA Secures USD 875 Million Borrowing Base Facility . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.
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 @Gunvor.
Phone Number: +41798706290
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
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