China Development Bank contributes to $635 million USD syndicated revolving credit facility to Gunvor Singapore for debt refinancing and working capital requirements

Project narrative

On June 12, 2012, a syndicate of 28 banks — including China Development Bank (CDB) — signed a $635 million USD syndicated revolving credit facility (RCF) agreement with Gunvor Singapore Pte. Ltd. — a Singapore-incorporated wholly-owned subsidiary of Gunvor Group Limited, a Cyprus-incorporated, Switzerland-headquartered energy trading and commodities firm — for debt refinancing and working capital requirements. The RCF carried a maturity period of one year. The proceeds from the facility were to be used to refinance existing debt and for working capital purposes. Record ID#97360 captures CDB's contribution. Members of the syndicate included CDB, Australia and New Zealand Banking Group Limited, Arab Petroleum Investments Corporation (APICORP), DBS Bank, First Gulf Bank P.J.S.C, Singapore Branch, ING Bank N.V., Singapore Branch, National Australia Bank, Singapore Branch, Société Générale Corporate & Investment Banking and Sumitomo Mitsui Banking Corporation as Bookrunning Mandated Lead Arrangers. Other banks participating in the facility included: United Overseas Bank Limited, Bank of Baroda, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), Singapore Branch, Crédit Agricole Corporate and Investment Bank, Singapore Branch, ABN AMRO Bank N.V., Bank of Taiwan, Singapore Branch, Chinatrust Commercial Bank Co., Ltd, Singapore Branch, Emirates NBD PJSC, First Commercial Bank, Singapore Branch, The Mauritius Commercial Bank Limited, Natixis, Qatar National Bank SAQ, Singapore Branch, Raiffeisen Bank International AG, Singapore Branch, The Royal Bank of Scotland plc, The Bank of East Asia, Limited, Singapore Branch, Chang Hwa Commercial Bank, Ltd., Singapore Branch, Land Bank of Taiwan, Offshore Banking Branch, Mega International Commercial Bank Co., Ltd., Singapore Branch, PT Bank Mandiri (Persero) TBK, Singapore Branch. On June 6, 2013, a new syndicate of 10 banks — including CDB and Bank of China (BOC) — entered into a $850 million USD syndicated RCF agreement with Gunvor Singapore for refinancing purposes and general corporate and working capital requirements. The RCF was divided into two tranches: a $135 million USD tranche with a maturity period of three years and an interest rate of LIBOR plus 260 basis points (bps) and a $715 million USD tranche with a maturity period of one year an interest rate of LIBOR plus 185 bps. Gunvor Group issued a guarantee for the facility. The proceeds were to be used by the borrower to refinance the 2012 RCF and for general corporate and working capital requirements. CDB and BOC each contributed $13.5 million USD to the $135 million USD tranche and $71.5 million USD to the $715 million USD tranche. CDB’s contributions to the first and second tranches are captured by Record ID#97502 and #97504, respectively. BOC’s contributions to the first and second tranches are captured by Record ID#97503 and #97505, respectively. Other members of the syndicate for the refinanced facility include ING Group, Arab Petroleum Investments Corporation, DBS Bank, First Abu Dhabi Bank, National Australia Bank, Rabobank, Société Générale, and Sumitomo Mitsui Banking Corporation.