Narrative
Full Description
Project narrative
On November 9, 2022, a syndicate of 16 banks — including the New York Branch of the Industrial and Commercial Bank of China (ICBC) — signed a $1.45 billion USD syndicated borrowing base credit facility agreement with Gunvor USA LLC — a United States-incorporated wholly-owned indirect subsidiary of Switzerland-based energy and commodity training company Gunvor Group Ltd. — for refinancing, working capital, and general corporate purposes. The facility was comprised of two tranches: a $1.16 billion USD tranche with a maturity period of one year and a $290 million USD tranche with a maturity period of two years. There was also a $500 million USD accordion feature, which would be available to the company at a later date. The proceeds from the facility were be used to refinance Gunvor USA's previous facility from October 2021, in addition to working capital and general corporate purposes. Record ID#102166 captures ICBC's contribution. A total of sixteen banks contributed to the lending syndicate, including Coöperatieve Rabobank U.A. (Rabobank), Société Générale S.A. (SocGen), Crédit Agricole Corporate and Investment Bank (CACIB), ING Capital LLC, the New York Branch of Natixis, Citibank, N.A., MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation (SMBC). A further syndicate lenders joined in syndication. Rabobank was the joint lead arranger and coordinator, left lead and administrative agent, and active bookrunner. SocGen served as active bookrunner. CACIB, ING Capital, and Natixis served as co-syndication agents. ICBC, Citibank, MUFG, and SMBC served as co-documentation agents. On November 8, 2023, a syndicate of 18 banks — including the New York Branch of ICBC — entered into a $1.60 billion USD syndicated borrowing base credit facility with Gunvor USA LLC for refinancing, working capital, and general corporate purposes. The facility was comprised of two tranches: a $1.28 billion USD tranche with a maturity period of one year and a $320 million USD tranche with a maturity period of two years. There was also a $500 million USD accordion feature. The proceeds were to be used by the borrower to refinance the existing $1.45 billion USD facility and to provide for working capital financing for the borrower's merchant activities, and fund general corporate purposes. Record ID#110674 captures ICBC's contribution.
Staff comments
1. AidData has assumed each lender contributed to each tranche. The individual contribution of the 16 lenders to this $1.45 billion USD facility are unknown. For the time being, to estimate the contributions of ICBC, AidData has assumed each lender contributed an equal amount ($90,625,000 USD) to the syndicated facility. 2. Similarly, AidData is unable to ascertain whether all sixteen banks contributed to both tranches, therefore this single, unified project record has been created using the average of the maturities across the two tranches {[(2 + 1) / 2] = 1.5 years}.