China Construction Bank contributes to a $1.455 billion USD syndicated sustainability-based revolving credit facility to Gunvor International B.V. and Gunvor S.A. for refinancing and general corporate purposes

Project narrative

On November 17, 2021, a syndicate of 32 banks — including the London Branch of the Industrial and Commercial Bank of China (ICBC) and Swiss Branch Zurich of China Construction Bank Corporation (CCB) — entered into a $1.455 billion USD syndicated sustainability-based revolving credit facility (RCF) 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. The RCF was divided into two tranches, both available to both borrowers: a $1.175 billion USD RCF tranche with a maturity period of 364 days and three 364-day extension options known as 'Tranche A' and a $280 million USD RCF tranche with a maturity period of three years with one 364-day extension option known as 'Tranche B'. As a sustainability-linked facility, the RCF included environmental, social, and governance (ESG)-linked Key Performance Indicators (KPIs) to best tested annually relating the reduction of scope 1 and 2 emissions, the improvement of energy efficiency of the shipping fleet and the reduction of scope 3 emissions, the investment into non-fossil fuel projects, and the assessment of Gunvor's assets and joint ventures against Human Right principles. The RCF had a $400 million USD accordion option. The proceeds were to be used by the borrower to refinance the $1.050 billion USD 364-day tranche from 2020 (which ICBC contributed to, as captured by Record ID#97515) and the $330 million USD tranche from 2018 (which China Construction Bank contributed to, as captured by Record ID#101890 and ICBC contributed to, as captured by Record ID#101890) and for general corporate purposes. Record ID#97516 captures ICBC's contribution. Record ID#97517 captures CCB’s contribution. Other members of the syndicate include: Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale, UBS Switzerland AG, UniCredit Bank AG, Arab Petroleum Investments Corporation (Apicorp) – Foreign Branch, Emirates NBD PJSC, Mizuho Bank Ltd, Citibank N.A., Jersey Branch, Industrial and Commercial Bank of China Limited, London Branch, China Construction Bank Corporation, Beijing, Swiss Branch Zurich, DZ Bank AG, Erste Bank AG, MUFG, Sumitomo Mitsui Trust Bank, Limited (London Branch), ABC International Bank Plc Paris Branch, Arab Bank (Switzerland) Ltd, Banque de Commerce et de Placements, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, First Abu Dhabi Bank PJSC, GarantiBank International N.V., Habib Bank AG, KfW Ipex-Bank Limited, Mashreqbank, Raiffeisen Bank International AG, Afrasia Bank Limited, Union de Banques Arabes et Françaises. Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale, UBS Switzerland AG and UniCredit Bank AG served as Bookrunning Mandated Lead Arrangers were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd served as Facility and Swingline Agent. Natixis and Société Générale acted as Joint Sustainability Coordinators of the Facility. Arab Petroleum Investments Corporation (Apicorp) – Foreign Branch joined during syndication as a Bookrunning Mandated Lead Arranger. Emirates NBD PJSC, Mizuho Bank Ltd, Citibank N.A., Jersey Branch, and Industrial and Commercial Bank of China Limited, London Branch joined as Senior Mandated Lead Arranger. China Construction Bank Corporation, Beijing, Swiss Branch Zurich and DZ Bank AG joined as Mandated Lead Arrangers. Erste Bank AG, MUFG and Sumitomo Mitsui Trust Bank, Limited (London Branch) joined as Lead Arrangers. ABC International Bank Plc Paris Branch, Arab Bank (Switzerland) Ltd, Banque de Commerce et de Placements, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, First Abu Dhabi Bank PJSC, GarantiBank International N.V., Habib Bank AG, KfW Ipex-Bank Limited, Mashreqbank and Raiffeisen Bank International AG joined as Arrangers. Afrasia Bank Limited and Union de Banques Arabes et Françaises joined as Participants. On November 21, 2023, a syndicate of 38 banks — including the Swiss Branch Zurich of China Construction Bank Corporation (CCB), the London Branch of ICBC, the London Branch of China CITIC Bank International Limited, and the London Branch of the Bank of China (BOC) — entered into $1.885 billion USD syndicated sustainability-linked RCF with Gunvor International B.V. and Gunvor SA for refinancing and general corporate purposes. The RCF was divided into two tranches, both available to both borrowers: a $1.535 billion USD RCF tranche with a maturity period of 364 days and three 364-day extension options and a $359 million USD RCF tranche with a maturity period of three years with one 364-day extension option. As a sustainability-linked facility, the RCF included Key Performance Indicators (KPIs) to be tested annually relating the reduction of scope 1 and 2 emissions, the improvement of energy efficiency of the shipping fleet and the reduction of scope 3 emissions, the investment into non-fossil fuel projects, and the assessment of Gunvor's assets and joint ventures against Human Right principles. The RCF had a $400 million USD accordion option. The proceeds were to be used by the borrower to refinance the $1,395,000,000 USD 364-day tranche from 2022 (which ICBC contributed to, as captured by Record ID#97515) and the $290,000,000 USD tranche from 2021 and for general corporate purposes. Record ID#102168 captures CCB's contribution. Record ID#102169 captures ICBC's contribution. Record ID#102170 captures China CITIC Bank International's contribution. Record ID#102171 captures BOC's contribution.