Narrative
Full Description
Project narrative
On June 21, 2021, a syndicate of 25 banks — including the Singapore Branch of China CITIC Bank International Limited — entered into a $830 million USD syndicated revolving credit facility (RCF) with Gunvor Singapore Pte. Ltd. — a Singapore-incorporated wholly-owned subsidiary of Gunvor Group Limited, a Cyprus-incorporated, Switzerland-headquartered energy trading and commodities firm — for refinancing and general corporate purposes and working capital requirements. The facility carried a 364-day maturity, with an extension option for up to 12 months. Gunvor Group issued a guarantee for the RCF. The proceeds were to be used by the borrower to refinance its existing $450 million USD RCF dated June 22, 2020 and for general corporate and working capital requirements. Record ID#97522 captures China CITIC Bank International's contribution. DBS Bank Ltd., Natixis, Singapore Branch and Oversea-Chinese Banking Corporation Limited served as the active bookrunning mandated lead arrangers for the Facility, with Emirates NBD Bank (P.J.S.C), Singapore Branch and ING Bank N.V., Singapore Branch acting as the bookrunning mandated lead arrangers. Coöperatieve Rabobank U.A., Singapore Branch, Arab Petroleum Investments Corporation (APICORP), the Singapore Branch of China CITIC Bank International, Crédit Agricole Corporate and Investment Bank, Singapore Branch and Malayan Banking Berhad, Singapore Branch, served as senior mandated lead arrangers, while Credit Suisse (Switzerland) Ltd., UBS AG, Singapore Branch, Mizuho Bank, Ltd., National Bank of Fujairah PJSC and Société Générale Corporate and Investment Banking acted mandated lead arrangers. Abu Dhabi Commercial Bank PJSC (ADCB), MUFG Bank, Ltd., Singapore Branch, First Abu Dhabi Bank P.J.S.C. and Sumitomo Mitsui Banking Corporation Singapore Branch joined as lead arrangers while Sumitomo Mitsui Trust Bank, Limited Singapore Branch, Banque Internationale de Commerce – BRED (Suisse) SA, United Overseas Bank Limited, Attijariwafa Bank Europe, Commerzbank Aktiengesellschaft, Singapore Branch and Taichung Commercial Bank Co., Ltd., Offshore Banking Branch joined as arrangers. The facility was launched into syndication at $450 million USD in April 2021 before being oversubscribed and increased. On June 27, 2022, a syndicate of 23 banks — including the Singapore Branch of China CITIC Bank International and the Singapore Branch of the Agricultural Bank of China (ABC) — entered into a $912 million USD sustainability-linked syndicated RCF with Gunvor Singapore Pte. Ltd. for refinancing and general corporate purposes and working capital requirements. The RCF carried a maturity period of 364 days, with an extension option of up to 12 months. As a sustainability-linked facility, it included environmental, social, and governance (ESG)-related Key Performance Indicators (KPIs) covering climate, energy transition and human rights to be tested annually, relating to the reduction of scope 1 and 2 emissions, the improvement of energy efficiency of the shipping fleet and reduction of scope 3 emissions; and the assessment of Gunvor's assets and joint ventures against Human Right principles. The RCF included a $200 million USD accordion option for banks that wished to join after close. Gunvor Group issued a guarantee for the RCF. The proceeds were to be used by the borrower to refinance its existing indebtedness (the 2021 $830 million USD RCF) and for general corporate and working capital requirements. Record ID#97529 captures China CITIC Bank International. Record ID#97530 captures ABC’s contribution.
Staff comments
1. The individual contribution of the 25 lenders to this $830 million USD syndicated loan are unknown. For the time being, to estimate the contributions of CCB, AidData has assumed each lender contributed an equal amount ($33,200,000 USD) to the syndicated facility.