ICBC contributes to $1.69 billion USD syndicated revolving credit facility to Gunvor International BV and Gunvor SA for debt refinancing and general corporate purposes, and working capital requirements

Project narrative

On November 8, 2019, a syndicate of 33 banks — including the Swiss Branch Zurich of China Construction Bank Corporation (CCB) and the Industrial and Commercial Bank of China (ICBC) — entered into a $1.69 billion USD syndicated revolving credit facility (RCF) with Gunvor International BV — 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 amended-and-extended (refinanced) an existing $1.68 billion USD facility dated November 16, 2018 (which CCB contributed to, as captured by Record ID#97511, and ICBC contributed to, as captured by Record ID#97512) and tranche B of the $250 million USD facility dated November 15, 2017 (which CCB contributed to, as Record ID#97510). In addition to RCF, the facility would be used to finance general corporate purposes and working capital requirements. CCB's contribution is captured via Record ID#97513. ICBC's contribution is captured via Record ID#97514. Other members of the syndicate include: ABN AMRO Bank NV, Coöperatieve Rabobank UA, Credit Agricole Corporate & Investment Bank, Credit Suisse (Switzerland) Ltd., DBS Bank Ltd., ING Bank NV, Natixis, Société Générale, UBS Switzerland AG, UniCredit Bank AG, Emirates NBD PJSC, DZ Bank AG, Nedbank, KfW-IPEX Bank, Mizuho Bank Ltd, Citigroup Global markets Limited, APICORP, Sumitomo Mitsui Trust Bank, Commerzbank, MUFG Bank Ltd, Sumitomo Mitsui Banking Corporation Europe Limited, Mashreqbank, Raiffeisen Bank International AG, Arab Bank (Switzerland) Ltd, Bank ABC, Banque de Commerce et de Placements SA, Erste Bank AG, Garanti Bank International, Habib Bank AG, Goldman Sachs, and UBAF. ABN AMRO Bank NV, Coöperatieve Rabobank UA, Credit Agricole Corporate & Investment Bank, Credit Suisse (Switzerland) Ltd., DBS Bank Ltd., ING Bank NV, Natixis, Société Générale, UBS Switzerland AG and UniCredit Bank AG served as Bookrunning Mandated Lead Arrangers. ABN AMRO Bank NV, Coöperatieve Rabobank UA, ING Bank NV, Natixis and Société Générale acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd served as Facility and Swingline Agent. Emirates NBD PJSC and China Construction Bank, Beijing, Swiss Branch Zurich, joined as Senior Mandated Lead Arrangers. DZ Bank AG, Nedbank and KfW-IPEX Bank joined as Mandated Lead Arrangers. Mizuho Bank Ltd, Citigroup Global markets Limited, APICORP, Sumitomo Mitsui Trust Bank, Commerzbank, MUFG Bank Ltd and Sumitomo Mitsui Banking Corporation Europe Limited joined as Lead Arrangers. Mashreqbank, Raiffeisen Bank International AG, Arab Bank (Switzerland) Ltd, Bank ABC, Banque de Commerce et de Placements SA, Erste Bank AG, Garanti Bank International, Habib Bank AG and ICBC joined as Arrangers. Goldman Sachs and UBAF joined as Participants.