Gunvor secures USD 1.645 billion credit facility
Gunvor Group Ltd has signed a USD 1.645 billion sustainability-linked, multi-currency revolving credit facility in favour of Gunvor International B.V. and Gunvor SA. The Facility received strong support from both existing and new banking partners, increasing the total amount of the facility from the previous year.
The RCF will be used for general corporate purposes, including the refinancing of the existing USD 1,175,000,000 364-day tranche of the 2021 European Revolving Credit Facilities Agreement, dated 10 November 2021, and the USD 220,000,000 3-year tranche of the 2020 European Revolving Credit Facilities Agreement dated 10 November 2020.
The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:
Tranche A: USD 1.375 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: USD 270 million 3-year Revolving Credit Facility with one 364-day extension option
The Facility, which has a USD 400 million Accordion Option, complements the existing USD 290 million 3-year tranche of the 2021 European Revolving Credit Facilities Agreement.
After the introduction of ESG KPIs in the Group’s European flagship corporate facility in 2021, the Group adopted sustainability KPIs in its Asian RCF facility earlier this year. Gunvor has a strong commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses.
The structure is composed of four KPIs relating 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. The KPIs have been readopted and extended in this year’s European Revolving Credit Facilities Agreement. Each KPI is annually tested and externally verified.
