ICBC contributes to $1.225 billion USD syndicated revolving credit facility to Gunvor International B.V. and Gunvor S.A. for debt refinancing and general corporate purposes

Project narrative

On November 13, 2020, a syndicate of 30 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $1,225 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 S.A. — a Switzerland-incorporated subsidiary of Gunvor Group — 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. Other members of the syndicate include: Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, Société Générale, UBS Switzerland AG, UniCredit Bank AG, Emirates NBD PJSC, Citigroup Global markets Limited, DZ Bank AG, Mizuho Bank Ltd, APICORP, Sumitomo Mitsui Trust Bank, Commerzbank, DBS Bank, ICBC, MUFG, Sumitomo Mitsui Banking Corporation Europe Limited, Mashreqbank, Raiffeisen Bank International AG, ABN AMRO, Arab Bank (Switzerland) Ltd, Bank ABC, Banque de Commerce et de Placements, Erste Bank AG, Habib Bank AG, KfW-IPEX, Garanti Bank International, and UBAF. Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, Société Générale, UBS Switzerland AG and UniCredit Bank AG served as Bookrunning Mandated Lead Arrangers. Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd served as Facility and Swingline Agent. Emirates NBD PJSC joined as Senior Mandated Lead Arranger. Citigroup Global markets Limited, DZ Bank AG, Mizuho Bank Ltd joined as Mandated Lead Arrangers. APICORP, Sumitomo Mitsui Trust Bank, Commerzbank, DBS Bank, ICBC, MUFG and Sumitomo Mitsui Banking Corporation Europe Limited joined as Lead Arrangers. Mashreqbank, Raiffeisen Bank International AG, ABN AMRO, Arab Bank (Switzerland) Ltd, Bank ABC, Banque de Commerce et de Placements, Erste Bank AG, Habib Bank AG and KfW-IPEX joined as Arrangers. Garanti Bank International and UBAF joined as Participants.