Narrative
Full Description
Project narrative
On June 18, 2020, a syndicate of 10 banks — including the London Branch of the Bank of China (BOC) and the London Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a €450 million EUR syndicated sustainability-linked revolving credit facility with Gunvor Group Limited — a Cyprus-incorporated, Switzerland-headquartered energy trading and commodities firm — to support operations at Gunvor Refinery Ingolstadt. The facility included sustainability-linked targets that allow discounts on Gunvor’s variable interest rate should it meet sustainability targets, as part of Gunvor’s focus on environmental, social impact, and governance (ESG) concerns. The proceeds were to be used for day-to-day operations of the Gunvor Refinery Ingolstadt in Germany. Record ID#97509 captures BOC's contribution. Record ID#97508 captures ICBC's contribution. Other members of the syndicate include UniCredit, CA Indosuez (Switzerland) S.A., DZ Bank AG, KfW IPEWX-Bank GmbH, Commerzbank, Erste Group Bank AG, First Abu Dhabi Bank (PJSC), and Raiffeisen Bank International.
Staff comments
1. The individual contribution of the 10 lenders to this €450 million EUR facility are unknown. For the time being, to estimate the contributions of BOC and ICBC, AidData has assumed each lender contributed an equal amount (€45,000,000 EUR) to the syndicated facility.