Gunvor Increases Loan To $1.03B On Successful Syndication

24th Jun 2010 16:42

LONDON (Dow Jones)--Geneva-based, independent energy company Gunvor International BV said Thursday that it has increased the size of its revolving credit facility to $1.03 billion from $750 million due to oversubscription during syndication. The facility consists of two tranches. Tranche A is available to Gunvor International and consists of a $785 million 364-day revolving credit facility. Tranche B is for Gunvor Singapore amounting to a $245 million 364-day revolving credit facility. Gunvor International is guaranteed by Gunvor International. The finance will be used for general corporate purposes and to refinance the company's existing $600 million one-year loan agreed in June 2009. The facility was arranged by BNP Paribas SA, Credit Agricole Corporate and Investment Bank, Credit Suisse Group, Fortis Bank (Nederland) NV, HSBC Holdings PLC, ING Bank NV, Natixis, Rabobank International and Societe Generale Corporate and Investment Banking. A total of 16 other banks committed during the deal during syndication. Gunvor International is registered in Amsterdam with a major energy trading operation in Geneva. The group has a number of other offices and entities around the world. -By Carol Dean, Dow Jones Newswires; 44 20 7842 9306; [email protected] (END) Dow Jones Newswires June 24, 2010 11:42 ET (15:42 GMT)