Narrative
Full Description
Project narrative
On June 21, 2011, a syndicate of 43 banks — including the Industrial and Commercial Bank of China (ICBC) and China Development Bank (CDB) — signed a $1.55 billion 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 — Gunvor Singapore Pte. Ltd. — a Singapore-incorporated wholly-owned subsidiary of Gunvor Group Limited — and Gunvor S.A. — a Switzerland-incorporated subsidiary of Gunvor Group — for debt refinancing and working capital purposes. The facility was guaranteed by Gunvor Group. The facility was to be used to refinance a previous facility from June 2010, along with general corporate purposes. The facility was divided into four tranches: A $937 million USD credit facility with a one-year maturity to Gunvor International and Gunvor S.A., to which ICBC and CDB each contributed $21.79 million USD. ICBC’s contribution is captured via Record ID#97371. CDB’s contribution is captured via Record ID#97372. This tranche was extended by six months on June 19, 2012. The rescheduling of ICBC's contribution is captured via Record ID#97654. The rescheduling of CDB's contribution was captured via Record ID#97655. A $463 million USD credit facility with a one-year maturity to Gunvor Singapore, to which ICBC and CDB each contributed $10.77 million USD. ICBC’s contribution is captured via Record ID#97374. CDB’s contribution is captured via Record ID#97375. This tranche was extended by six months on June 19, 2012. The rescheduling of ICBC's contribution is captured via Record ID#97656. The rescheduling of CDB's contribution is captured via Record ID#97657. A $120 million USD credit facility with a three-year maturity to Gunvor International and Gunvor SA, to which ICBC and CDB each contributed $2.79 million USD. ICBC’s contribution is captured via Record ID#97376. CDB’s contribution is captured via Record ID#97377. A $30 million USD credit facility with a three-year maturity to Gunvor Singapore, to which ICBC and CDB each contributed $700,000 USD. ICBC’s contribution is captured via Record ID#97378. CDB’s contribution is captured via Record ID#97379. The other members of the syndicate were ABN AMRO Bank N.V., BNP Paribas, Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, ING Bank N.V., Natixis, Rabobank International, Société Générale Corporate & Investment Banking, The Hongkong and Shanghai Banking Corporation Limited, Sumitomo Mitsui Banking Corporation, DBS Bank, Garanti Bank International, KfW IPEX-Bank, Raiffeisen Bank International AG, The Royal Bank of Scotland plc, UBS, UniCredit, Barclays, State Bank of India, United Overseas Bank, Banco Do Brasil S.A., Bank of Baroda, Arab Petroleum Investment Corp (‘APICORP’), Banque Cantonale de Genève, Commerzbank, Deutsche Bank, DZ Bank, ICICI Bank, WestLB, Bank Leumi, Bank of Taiwan, BHF Bank, Chinatrust Commercial Bank, First Commercial Bank, First Gulf Bank, Gulf International Bank, Mega International Commercial Bank Co., UBAF, Bangkok Bank, Bank BNI, and Bank of East Asia. On December 13, 2012, a syndicate of 33 banks — including ICBC and China Construction Bank Corporation (CCB) — entered into a $1,160,000,000 USD syndicated RCF with Gunvor International B.V. and Gunvor S.A. for refinancing and general corporate purposes. The new facility consists of two tranches: a $1.05 billion USD, 364-day revolving credit facility known as 'Tranche A' and a $110 million USD 3-year revolving credit facility known as 'Tranche B'. Gunvor Group issued a guarantee for the facility. The proceeds were to be for general corporate purposes and to refinance the borrowers' existing three-year RCF dated June 21, 2011 and the $852,000,000 USD RCF extended by six months on June 19, 2012. ICBC’s contribution is captured via Record ID#97382. CCB’s contribution is captured via Record ID#97381. Other members of the December 2012 syndicate include: ABN AMRO Bank N.V., Crédit Agricole CIB, Credit Suisse AG, ING Bank N.V., Natixis, Rabobank International, Société Générale Corporate & Investment Banking, KfW IPEX-Bank, UBS, DBS Bank, Sumitomo Mitsui Banking Corporation, The Royal Bank of Scotland plc, Unicredit Bank AG, VTB Bank (Austria), Raiffeisen Bank International, State Bank of India, Banco Do Brasil S.A., Bank Leumi, Garanti Bank International, National Australia Bank, Nedbank, Banque Cantonale de Genève, Deutsche Bank, Gulf International Bank, ABC International Bank, Banque de Commerce et de Placements, BHF Bank, Commerzbank, DZ Bank, Hua Nan Commercial Bank, UBAF, and Mega International Commercial Bank.