ICBC contributes to $1.1 billion USD syndicated revolving credit facility to Gunvor USA LLC for refinancing, and general corporate purposes, working capital requirements

Project narrative

On November 6, 2019, a syndicate of 13 banks — including the New York Branch of the Industrial and Commercial Bank of China (ICBC) and the New York Branch of the Bank of China (BOC) — entered into a $1.1 billion USD syndicated borrowing base credit facility 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, and general corporate purposes, working capital requirements. Lending terms are unknown. The facility will support Gunvor’s operations in the United States, alongside its continuing expansion into Canada. The facility replaces (refinanced) a previous credit facility signed by Gunvor USA in November 2018, which ICBC contributed to, captured by Record ID#97518. ICBC’s contribution is captured via Record ID#97519. BOC’s contribution is captured via Record ID#97520. The facility was jointly lead arranged by Rabobank, who will also serve as Administrative Agent and Active Bookrunner, and ABN Amro Capital USA LLC, ING Capital, LLC, Natixis, New York Branch, and Société Générale as Joint Bookrunners and Joint Lead Arrangers in the transaction. The syndicate also includes existing Lenders Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., Mizuho Bank Ltd., MUFG Bank, Ltd., Oversea-Chinese Banking Corporation, and Sumitomo Mitsui Banking Corporation.