Gunvor Singapore Pte. Ltd., a wholly-owned subsidiary of Gunvor Group, has closed a US $1.2 billion sustainability-linked, syndicated revolving credit facility.
The Facility, which was launched initially at US $750 million in April 2024, benefited from the support from Gunvor’s banking partners and attracted new banks, and closed significantly oversubscribed by over 60%, increasing the total facility amount from the previous year.
The Borrower has further upsized the Facility by US $120 million via an accordion feature, which was structured to accommodate two banks that joined the Facility after signing, bringing the total Facility amount to US$1.32 billion as of 12 July 2024.
The 364-day Facility, which is guaranteed by the Company and includes two 12-month extension options, will be used for general corporate and working capital purposes, including the refinancing of the Borrower’s existing US$ 1.035 billion 2023 Asia Sustainability-linked Revolving Credit Facility.
Similar to previous financings, the Facility includes four sustainability Key Performance Indicators (KPIs) supporting the Group’s strong commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The KPIs relate to:
- the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions;
- reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet;
- the investment in non-fossil fuel projects;
- and the assessment of the Group’s assets, JVs and suppliers against Human Rights principles.
Each KPI is tested annually and verified externally in line with LMA SLL principles.
The successful renewal of our Asian RCF is the result of the deep collaboration between Gunvor and its banking partners. The strong relationship we have with our core financing partners, enhanced by the welcome addition of several new lenders into our upsized anchor facility, demonstrates their support for the Group’s strong performance and positive outlook
… said Jean Rohr, Gunvor’s Regional CFO for Asia-Pacific
