November 16, 2017 / 2:34 PM / a year ago

LPC-Gunvor signs US$1.39bn loan refinancing

LONDON, Nov 16 (Reuters) - Swiss energy commodity trader Gunvor Group has signed a US$1.39bn revolving credit facility that will be used for general corporate purposes and working capital requirements, the company said on Thursday.

The financing comprises a US$1.14bn 364-day facility with two 364-day extension options; and a US$250m three-year facility with one 364-day extension option.

The loan replaces the US$1.415bn maturing tranche of Gunvor’s US$1.67bn RCF agreed in November 2016; and a US$210m tranche from the company’s US$1.36bn RCF agreed in November 2015.

“Thanks to our continuous efforts to tighten cash management and improve financial structuring, we have become more efficient financially, with reduced working capital needs,” Jacques Erni, chief financial officer of Gunvor Group said.

Gunvor International BV and Gunvor SA are borrowers on the financing, which was increased from a launch amount of US$1bn after raising US$1.81bn from the market. Lenders were scaled back.

“Gunvor continues to receive considerable support from both its existing banking partners as well as from new ones,” Erni said.

ABN AMRO Bank, Credit Agricole CIB, ING Bank, Natixis and Rabobank are active bookrunners and mandated lead arrangers on the facilities, with Credit Suisse, DBS Bank, Societe Generale, UBS Switzerland and UniCredit Bank as bookrunners and mandated lead arrangers.

Deutsche Bank, Mizuho Bank, and Emirates NBD are senior mandated lead arrangers, while APICORP, Citigroup, DZ Bank, KfW-IPEX Bank, Nedbank and Sumitomo Mitsui Trust Bank are mandated lead arrangers.

Commerzbank, MUFG, Raiffeisen Bank International and SMBC are lead arrangers while Mashreqbank, Arab Bank, Banco do Brasil, Bank ABC, Banque de Commerce et de Placements, Goldman Sachs, Gulf International Bank, Habib Bank, HSH Nordbank and UBAF are arrangers.

China Construction Bank,Commercial Bank of Dubai, Garanti Bank International, Banque Cantonale de Geneve, Attijariwafa Bank and Erste Bank are participants.

Credit Suisse is also facility agent and swingline agent on the financing. (Editing by Christopher Mangham)

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