ICBC contributes to a $1.885 billion USD syndicated sustainability-linked revolving credit facility to Gunvor International B.V. and Gunvor SA for refinancing and general corporate purposes

Project narrative

On November 21, 2023, a syndicate of 38 banks — including the Swiss Branch Zurich of China Construction Bank Corporation (CCB), the London Branch of the Industrial and Commercial Bank of China (ICBC), the London Branch of China CITIC Bank Corporation Limited, and the London Branch of the Bank of China (BOC) — entered into $1.885 billion USD syndicated sustainability-linked multi-currency revolving credit facility (RCF) agreement with Gunvor International B.V. — the Netherlands-incorporated, Amsterdam-headquartered independent oil trader and subsidiary of Gunvor Group Limited, a Cyprus-incorporated, Switzerland-headquartered energy trading and commodities firm — and a Singapore-incorporated wholly-owned subsidiary of Gunvor Group Limited — and Gunvor SA — a Switzerland-incorporated subsidiary of Gunvor Group — for refinancing and general corporate purposes. The RCF was divided into two tranches: a $1.535 billion USD RCF tranche with a maturity period of 364 days and three 364-day extension options and a $359 million USD RCF tranche with a maturity period of three years with one 364-day extension option. As a sustainability-linked facility, the RCF included Key Performance Indicators (KPIs) to be tested annually relating the reduction of scope 1 and 2 emissions, the reduction of scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet, the investment in non-fossil fuel projects, and the assessment of Gunvor's assets, joint ventures, and suppliers against Human Right principles. The RCF had a $400 million USD accordion option. The proceeds were to be used by the borrower to refinance the $1,395,000,000 USD 364-day tranche from 2022 (which ICBC contributed to, as captured by Record ID#97515) and the $290,000,000 USD tranche from 2021 (which ICBC contributed to, as captured by Record ID#97516 and CCB contributed to, as captured Record ID#97517) and for general corporate purposes. Record ID#102168 captures CCB's contribution. Record ID#102169 captures ICBC's contribution. Record ID#102170 captures China CITIC Bank International's contribution. Record ID#102171 captures BOC's contribution. A total of 38 banks joined the lending syndicate. Arab Petroleum Investments Corporation (Apicorp), Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis CIB, SMBC Bank International Plc, Société Générale, UBS Switzerland AG and UniCredit Bank AG served as Bookrunning Mandated Lead Arrangers. Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis CIB, SMBC Bank International Plc, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Natixis CIB and Société Générale acted as Joint Sustainability Coordinators of the Facility. China Construction Bank Corporation, Beijing, Swiss Branch Zurich, Citibank N.A., Jersey Branch, Emirates NBD PJSC, Industrial and Commercial Bank of China Limited, London Branch, Qatar National Bank, and Mizuho Bank served as Senior Mandated Lead Arrangers. DZ Bank AG and Erste Group Bank AG served as Mandated Lead Arrangers. KfW Ipex-Bank, China CITIC Bank, and SMTB served as lead arrangers. ABC International Bank Plc, Afrasia Bank Limited, Arab Bank (Switzerland) Ltd, Banco BPM S.p.A, Banque de Commerce et de Placements, Bank of China Ltd, London Branch, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, GarantiBank International N.V., Habib Bank AG, Mashreqbank, Raiffeisen Bank International AG, CaixaBank S.A., DBS Bank Ltd., London Branch, First Commercial Bank London Branch, OTP Bank, and Union de Banques Arabes et Françaises served as arrangers. On November 20, 2024, a syndicate of 41 banks — including the Swiss Branch Zurich of CCB, the London Branch of ICBC, the London Branch of China CITIC bank Corporation, and the London Branch of BOC — entered into a $2.265 billion USD syndicated sustainability-linked multi-currency RCF with Gunvor International and Gunvor SA. The proceeds were used to refinance he refinancing of the existing $1,535,000,000 USD 364-day tranche of the 2023 RCF, and the $280,000,000 USD 3-year tranche of the 2022 facility.