Narrative
Full Description
Project narrative
On November 16, 2018, a syndicate of 38 banks — including the Swiss Branch of Zurich of China Construction Bank Corporation (CCB) and the Industrial and Commercial Bank of China (ICBC) — entered into a $1.68 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 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. Tranche A was provided by the following banks: ABN AMRO Bank ($70 million USD), ABSA Bank ($10 million USD), Arab Bank Group ($10 million USD), Arab Banking Corporation ($10 million USD), Banco do Brasil ($10 million USD), Banque Cantonale de Geneve ($5 million USD), Banque de Commerce et de Placements ($10 million USD), China Construction Bank ($55 million USD), Citigroup ($35 million USD), Commercial Bank of Dubai ($15 million USD), Commerzbank ($20 million USD), Credit Agricole ($70 million USD), Credit Suisse ($70 million USD), DBS Bank ($70 million USD), DZ Bank ($30 million USD), Erste Bank ($10 million USD), Garanti Bank ($10 million USD), Goldman Sachs ($10 million USD), Habib Bank ($10 million USD), ICBC ($10 million USD), ING Bank ($62 million USD), KfW IPEX Bank ($30 million USD), Mashreq Bank ($15 million USD), Mega International Commercial Bank ($3 million USD), Mizuho Financial Group ($60 million USD), MUFG Bank ($35 million USD), Natixis ($70 million USD), NBSA ($35 million USD), Rabobank ($70 million USD), Raiffeisen Banking Group ($15 million USD), Societe Generale ($70 million USD), Sumitomo Mitsui Banking Corporation ($20 million USD), Sumitomo Mitsui Trust Bank ($35 million USD), UBAF ($5 million USD), UBS ($70 million USD), UniCredit ($70 million USD), Arab Petroleum Investments Corporation ($35 million USD), and Emirates NBD ($60 million USD). 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. Tranche B was provided by the following banks: ABN AMRO Bank ($10 million USD), ABSA Bank ($10 million USD), Arab Bank Group ($10 million USD), Arab Banking Corporation ($10 million USD), Banco do Brasil ($10 million USD), Banque Cantonale de Geneve ($10 million USD), Banque de Commerce et de Placements ($10 million USD), China Construction Bank ($10 million USD), Citigroup ($10 million USD), Commercial Bank of Dubai ($10 million USD), Commerzbank ($10 million USD), Credit Agricole ($10 million USD), Credit Suisse ($10 million USD), DBS Bank ($10 million USD), DZ Bank ($10 million USD), Erste Bank ($10 million USD), Garanti Bank ($10 million USD), Goldman Sachs ($10 million USD), Habib Bank ($10 million USD), ICBC ($10 million USD), ING Bank ($18 million USD), KfW IPEX Bank ($10 million USD), Mashreq Bank ($10 million USD), Mega International Commercial Bank ($2 million USD), Mizuho Financial Group ($10 million USD), MUFG Bank ($10 million USD), Natixis ($10 million USD), NBSA ($10 million USD), Rabobank ($10 million USD), Raiffeisen Banking Group ($10 million USD), Societe Generale ($10 million USD), Sumitomo Mitsui Banking Corporation ($10 million USD), Sumitomo Mitsui Trust Bank ($10 million USD), UBAF ($10 million USD), UBS ($10 million USD), UniCredit ($10 million USD), Arab Petroleum Investments Corporation ($10 million USD), Emirates NBD ($10 million USD). 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. ABN AMRO Bank N.V., Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, Credit Suisse (Switzerland) Ltd., DBS Bank Ltd., ING Bank N.V., Natixis, Société Générale (acting through its corporate and investment banking division), UBS Switzerland AG and UniCredit Bank AG served as Bookrunning Mandated Lead Arrangers. ABN AMRO Bank N.V., ING Bank N.V., Natixis, Rabobank and SGCIB acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd was Facility and Swingline Agent. Emirates NBD PJSC, Mizuho Bank Ltd and the Swiss Branch of CCB, joined as Senior Mandated Lead Arrangers. APICORP, Citigroup Global markets Limited and Sumitomo Mitsui Trust Bank acted as Mandated Lead Arrangers. MUFG Bank Ltd, Nedbank, DZ Bank AG, KfW-IPEX Bank, Commerzbank and Sumitomo Mitsui Banking Corporation Europe Limited joined as Lead Arrangers, with Commercial Bank of Dubai, Mashreqbank, and Raiffeisen Bank International AG, ABSA Bank, Arab Bank (Switzerland) Ltd, Banco do Brasil, Bank ABC, Banque de Commerce et de Placements SA, Erste Bank AG, Garanti Bank International, Goldman Sachs, Habib Bank AG and ICBC, joined as Arrangers, with Banque Cantonale de Genève, UBAF and Mega International Commercial Co., Ltd Amsterdam Branch as Participants. 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 tranche B of $250 million USD 2017 RCF dated November 15, 2017 (captured by Record ID#97510). CCB’s contribution is captured via Record ID#97513. ICBC’s contribution is captured via Record ID#97514.