China Construction Bank contributes to $1.39 billion USD syndicated revolving credit facility to Gunvor International B.V. and Gunvor SA for refinancing and general corporate purposes and working capital requirements

Project narrative

On November 16, 2017, a syndicate of 39 banks — including the Swiss Branch Zurich of China Construction Bank Corporation (CCB) — entered into a $1.39 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 — 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 and working capital requirements. The RCF was divided into two tranches, both available to both borrowers: a $1.14 billion USD RCF with a maturity period of 365 days with two 364-day extension options known as 'Tranche A' and a $250 million USD RCF with a maturity period of three years with one 364-day extension option. The proceeds were to be used by the borrower to refinance maturing $1.415 billion USD Tranche A of a $1.67 billion USD RCF dated November 17, 2016 and $210 million USD Tranche B of a $1.36 billion USD RCF dated November 23, 2015 and to finance general corporate purposes and working capital requirements. Record ID#97510 captures CCB's contribution. Other members of the 2017 syndicate include: ABN AMRO Bank N.V., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd, DBS Bank Ltd., ING Bank N.V., Natixis, Rabobank, Société Générale Corporate & Investment Banking, UBS Switzerland AG, UniCredit Bank AG, Deutsche Bank AG, Amsterdam Branch, Mizuho Bank, Ltd, Emirates NBD PJSC, London branch, APICORP, Citigroup Global markets Limited, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frank am Main, KfW-IPEX, Nedbank, Sumitomo Mitsui Trust Bank, The Bank of Tokyo-Mitsubishi UFJ, Limited, Commerzbank, Raiffeisen Bank International AG, Sumitomo Mitsui Banking Corporation, Mashreqbank, Arab Bank (Switzerland) Ltd, Banco do Brasil, Bank ABC, Banque de Commerce et de Placements, Goldman Sachs, Gulf International Bank, Habib Bank AG Zurich, HSH Nordbank, UBAF, Commercial Bank of Dubai, Garanti Bank International, Banque Cantonale de Genève, Attijariwafa Bank, and Erste Bank AG. ABN AMRO Bank N.V., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd, DBS Bank Ltd., ING Bank N.V., Natixis, Rabobank, Société Générale Corporate & Investment Banking, UBS Switzerland AG and UniCredit Bank AG served as Bookrunning Mandated Lead Arrangers. ABN AMRO Bank N.V., Credit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis and Rabobank acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd was Facility and Swingline Agent. Deutsche Bank AG, Amsterdam Branch, Mizuho Bank, Ltd, and Emirates NBD PJSC, London branch joined as Senior Mandated Lead Arrangers, with APICORP, Citigroup Global markets Limited, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frank am Main, KfW-IPEX, Nedbank and Sumitomo Mitsui Trust Bank as Mandated Lead Arrangers. The Bank of Tokyo-Mitsubishi UFJ, Limited, Commerzbank, Raiffeisen Bank International AG, and Sumitomo Mitsui Banking Corporation joined as Lead Arrangers, with Mashreqbank, Arab Bank (Switzerland) Ltd, Banco do Brasil, Bank ABC, Banque de Commerce et de Placements, Goldman Sachs, Gulf International Bank, Habib Bank AG Zurich, HSH Nordbank and UBAF as Arrangers, with Participants China Construction Bank, Beijing, Swiss Branch Zurich, Commercial Bank of Dubai, Garanti Bank International, Banque Cantonale de Genève, Attijariwafa Bank and Erste Bank AG. On November 16, 2018, a syndicate of 38 banks — including the Swiss Branch Zurich of CCB and the Industrial and Commercial Bank of China (ICBC) — entered into a $1.68 billion USD syndicated 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 and working capital requirements. The facility consisted of two tranches, accessible to both borrowers: $1.3 billion USD RCF tranche with a maturity period of 364 days with two 364-day extension options known as 'Tranche A' and a $380 million USD tranche with a maturity period of three years with one 364-day extension option. The proceeds were to be used by the borrower to refinance Tranche A of the $1.39 billion USD RCF dated November 15, 2017 (which CCB had previously contributed to, as captured by Record ID#97510 captures CCB's contribution) and Tranche B of the $1.67 billion USD RCF dated November 17, 2017 and to finance general corporate purposes and working capital requirements. CCB’s $55 million USD contribution to Tranche A is captured via Record ID#97511. ICBC’s $10 million USD contribution to Tranche A is captured via Record ID#97512. CCB's $10 million USD contribution to Tranche B is captured via Record ID#101890. ICBC's $10 million USD contribution to Tranche B is captured via Record ID#101891. On November 8, 2019, a syndicate of 33 banks — including the Swiss Branch of Zurich of CCB and ICBC — entered into a $1.69 billion USD syndicated RCF with Gunvor International B.V. and Gunvor SA for refinancing and general corporate purposes and working capital requirements. The RCF amended-and-extended (refinanced) the existing $1.68 billion USD facility dated November 16, 2018 and $250 million USD tranche B dated November 15, 2017. CCB’s contribution is captured via Record ID#97513. ICBC’s contribution is captured via Record ID#97514. On November 13, 2020, a syndicate of 30 banks — including ICBC — entered into a $1,225 billion USD syndicated RCF agreement with Gunvor International BV and Gunvor SA for refinancing and general corporate purposes and working capital requirements. The loan was divided into two tranches available to both borrowers: a $1,005 billion USD RCF with a maturity period of 364 days with three 364-day extension options and a $220 million USD RCF with a maturity period of three years with one 364-day extension option. The RCF had a $150 million USD accordion option. The proceeds were to be used to refinance the $1.165 billion USD 364-day tranche dated November 2019 (which CCB contributed to, as captured by Record ID#97513 and ICBC contributed to, as captured by Record ID#97514) and the $195 million USD three-year tranche of the 2017 RCF (which CCB contributed to, as captured by Record ID#97510), and for general corporate purposes.