Gunvor announces the successful signing and increase of its USD 872.5 million Off Balance Sheet Instrument facility (“Facility”) after receiving a substantial over-subscription of 45% and high levels of support from Gunvor’s banking partners.

Gunvor Group Ltd (“Gunvor” or the “Company”) announce the successful signing and increase of its USD 872.5 million Off Balance Sheet Instrument facility (“Facility”) in favour of Gunvor SA, Gunvor International B.V., Gunvor Deutschland GmbH, Gunvor Petroleum Rotterdam B.V., Gunvor Raffinerie Inglostadt GmbH and Gunvor Singapore Pte. Ltd.. Initially launched at USD 600 million, the Facility received strong support from Gunvor’s banking partners and showed substantial over-subscription of 45%.

ING Bank N.V. (“ING”) acted as Coordinator in the Facility as well as Active Bookrunner and Documentation Agent and Société Générale (“SocGen”) acts as Facility Agent. ING together with Coöperatieve Rabobank U.A., Natixis, Raiffeisen Bank International AG and SocGen are the Issuing Banks.

“Gunvor’s strategy and business model has proven to be very resilient in volatile market conditions,” said Muriel Schwab, CFO, Gunvor Group. “We appreciate our financing partners’ support and confidence in our business priorities as we embrace the Energy Transition, as well as Gunvor’s approach to corporate governance and risk management.”

The closing of the OBSI Facility follows upon the announcement of Gunvor’s commitments in the areas of environment, social, and governance (ESG), which target a 40% reduction in the company’s Scope 1 and 2 emissions by 2025. The company also recently closed its Asian syndicated revolving credit facility, which was 85% oversubscribed at US$830 million.

The Facility, which is guaranteed by the Company, will be used for general corporate and working capital purposes of the Borrowers via OBSI’s issued in the form of standby letters of credits, bid bonds, performance bonds and/or guarantees.

This Facility evidences Gunvor’s successful strategy to grow and diversify its financing sources to support new investments and existing operations.