ICBC contributes to $1.135 billion USD syndicated credit facility to Gunvor Group to support LNG activities

Project narrative

On December 16, 2021, a syndicate of 16 banks — including the London Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a $1.135 billion USD syndicated sustainability-linked borrowing base facility agreement with Gunvor Group Limited — a Cyprus-incorporated, Switzerland-headquartered energy trading and commodities firm — to support the company’s working capital needs related to its liquefied natural gas (LNG) activities. The facility was to finance Gunvor’s physical and derivative positions related to its global LNG trading. The facility was structured around global LNG trade flows including Gunvor's shipping activities, as part of it, Gunvor committed to carbon dioxide (CO2) emissions reporting to establish transparency for the carbon footprint of the company's LNG value chain. Other members of the syndicate include Rabobank, Natixis, Societe Generale, DBS Bank, OCBC, Abu Dhabi Commercial Bank, CA Indosuez, Kfw IPEX, SMBC, Erste Group Bank, First Abu Dhabi Bank, ING Bank, Mashreqbank, Raiffeisen Bank International, and Sumitomo Mitsui Trust Bank. Rabobank and Societe Generale served as facility and security agent and documentary agent. Coöperatieve Rabobank U.A, the Singapore Branch of Natixis, and Societe Generale served as bookrunner and mandated lead arranger. The London Branch of DBS Bank and Overseas-Chinese banking Corporation Limited served as mandated lead arranger. The London Branch of ICBC, Abu Dhabi Commercial Bank PJSC, CA Indosuez (Switzerland) SA, KFW IPEX – Bank Gmbh, and SMBC bank International plc served as lead arranger. Erste Group Bank, First Abu Dhabi Bank, the Amsterdam, Lancy / Geneva Branch of ING Bank, Mashreqbank, Raiffeisen Bank International, and the London Branch of Sumitomo Mitsui Trust Bank. Syndication was launched at $800 million USD and was oversubscribed.