Gunvor Group extends European syndication
Gunvor Group Ltd has announced the successful completion of an extension of the European one-year tranche of its Revolving Credit Facility (RFC). The extension is for 6-months, with a maturity in December 2012. The refinancing process for the European syndication will begin in September, the Group press release said.
The extension comes on the heels of Gunvor Singapore Pte Ltd signing a USD635 Million syndicated RCF, which drew considerable new support from local banks in the Asia-Pacific Region, affirming Gunvor's decision to create a stand-alone syndication. The Asia-Pacific Facility was launched at USD470 Million and closed oversubscribed by 35 percent.
"Confidence as expressed by European banks and recently by our over-subscribed Asia-Pacific syndication is enabling Gunvor to realize its strategy of diversification to become an integrated trading company," said Torbjörn Törnqvist, CEO of Gunvor Group.
Proceeds of the RCF extension will be used to refinance existing debt and to finance general and working capital requirements of the Company.
EUROGATE is the Number One container terminal logistics Group in Europe. Jointly with Contship Italia, the network operates ten container terminals from the North Sea coast to the Mediterranean area. One new sea terminal in Wilhelmshaven is currently under construction. The range of services is rounded off by intermodal transport and specialised logistics management. EUROGATE was established in 1999. In 2009 the Group handled 12.5 million TEU.
