Gunvor USA Successfully Closes USD 1.1 Billion Borrowing Base

Gunvor USA LLC ("Gunvor USA" or "the Company"), a subsidiary of Gunvor Group Ltd ("Gunvor" or "the Group"), has successfully closed the syndication of its USD 1.1 billion borrowing base credit facility ("the Facility"). The Facility includes a USD 500 million accordion feature, which remains available to support future growth.

The proceeds of the Facility will refinance Gunvor USA's existing borrowing base facility signed in October 2019 , provide continued working capital financing for the Company's merchant activities, and fund general corporate purposes.

"Gunvor USA continues to enjoy strong and steady support from our banking partners as we effectively navigate the challenging market environment," said Chris Morran , CFO of Gunvor USA. "We are pleased to have attracted five new lenders to our facility, along with a substantial amount of oversubscription, which reflects the confidence in our business and strategy as Gunvor expands further into the North American market."

The Facility is jointly lead arranged by Rabobank, which will also serve as Administrative Agent and Active Bookrunner, and ING Capital LLC, Natixis, New York Branch, and Société Générale as Joint Bookrunners and Joint Lead Arrangers in the transaction. The syndicate is further supported by a diverse group of 12 additional lenders, five of which are new to the Facility.

"Through the first nine months of 2020, the North American business has been a significant contributor to the Group," said David Garza , Managing Director Gunvor USA . "The strong expansion of our banking partners emphasizes the company's commitment to the Americas business."

Zukerman Gore Brandeis & Grossman, LLP served as counsel to the lenders. McGuireWoods LLP served as counsel to the borrower.

About Gunvor USA LLC
Gunvor USA LLC is a wholly-owned indirect subsidiary of Gunvor Group Ltd, one of the world's largest independent energy commodity traders in the world. Gunvor USA is a North American energy commodity merchant focused on the marketing and trading of physical refined products, crude oil, renewables, natural gas, and power. Gunvor USA is headquartered in Houston, Texas , with trading offices in Stamford, Connecticut and Calgary, Canada.

About Gunvor Group
Gunvor Group is one of the world's largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where they it is sourced to where it is are demanded most. With strategic investments in industrial infrastructure—refineries, pipelines, storage and terminals—Gunvor further generates sustainable value across the global supply chain for its customers. In 2019, Gunvor Group generated USD 75 billion in revenue on 198 million MT of volumes. The Group's main trading offices are in Geneva , Singapore , Houston and London , with a network of more than 20 representative and other trading offices around the globe.

More information can be found at GunvorGroup.com.

Mr. Seth Thomas Pietras
stp@gunvorgroup.com
+41-79-870-6290

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SOURCE Gunvor Group