Narrative
Full Description
Project narrative
On July 6, 2009, a syndicate of 17 banks — including ICBC (London) PLC — signed a $600 million USD syndicated 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 — for debt refinancing and working capital purposes. The facility carried a maturity of one year. The loan was used to refinance Gunvor’s existing credit facility from 2008, alongside working capital purposes and serving as a reserve for margin calls. Other members of the syndicate include BNP Paribas, Credit Suisse, Fortis Bank (Nederland) N.V., ING Bank N.V., Rabobank International, Societe Generale, Credit Agricole (Suisse) S.A., Natixis, Sumitomo Mitsui Banking Corporation Europe Ltd, ICBC (London) Ltd, Raiffeisen Zentralbank Oesterreich AG, DBS Bank Ltd (London Branch), Deutsche Bank AG (Amsterdam Branch), BHF-Bank AG, Banque Cantonale de Genève, and Union de Banques Arabes et Francaises. The facility was later refinanced in June 2010, however no Chinese banks are known to have participated in that refinancing.
Staff comments
1. The individual contribution of the 17 lenders to this $600 million USD facility are unknown. For the time being, to estimate the contributions of ICBC, AidData has assumed each lender contributed an equal amount ($35,294,117.6471 USD) to the syndicated facility.