Narrative
Full Description
Project narrative
On November 29, 2018, a syndicate of 11 banks — including the New York Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a $1 billion syndicated revolving credit facility (RCF) with Gunvor USA LLC — a United States-incorporated wholly-owned indirect subsidiary of Switzerland-based energy and commodity training company Gunvor Group Ltd. — for refinancing purposes, general corporate purposes, and working capital requirements. The proceeds were to be used to support operations in the United States and Canada, in addition to a planned expansion in Latin America, alongside refinancing a previous facility from 2016. The facility was jointly lead arranged by the New York Branch of Coöperatieve Rabobank U.A. and as administrative agent, ABN Amro Capital USA LLC, ING Capital LLC, the New York Branch of Natixis, Société Générale S.A. (SocGen), and Credit Agricole Corporate and Investment Bank (CACIB). The syndicate also included Mizuho Bank, Ltd., Commonwealth Bank of Australia (CBA), Credit Suisse (Switzerland) Ltd., and Sumitomo Mitsui Banking Corporation (SMBC) In November 2019, the facility was refinanced by a new, larger $1.1 billion USD credit facility, contributed by ICBC (Record ID#97519) and the Bank of China (Record ID#97520)
Staff comments
The individual contribution of the 11 lenders to this $1 billion USD facility are unknown. For the time being, to estimate the contributions of ICBC, AidData has assumed each lender contributed an equal amount ($90,909,090.9091 USD) to the syndicated facility.