Gunvor Group has signed a US $2.265 billion sustainability-linked, multi-currency revolving credit facility in favour of Gunvor International B.V. and Gunvor SA.
The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:
- Tranche A: US $1.775 billion 364-day Revolving Credit Facility with three 364-day extension options
- Tranche B: US $490 million 3-year Revolving Credit Facility with one 364-day extension option
Thanks to strong support from existing and new banking partners, the Facility ended up substantially upsized versus last year. Additional liquidity was successfully raised in both tranches.
The RCF will be used for general corporate purposes, including the refinancing of the existing US $1,535,000,000 364-day tranche of the 2023 European Revolving Credit Facilities Agreement, and the US $280,000,000 3-year tranche of the 2022 European Revolving Credit Facilities Agreement.
The Facility has a US $400 million Accordion Option and complements the existing US $350 million 3-year tranche of the 2023 European Revolving Credit Facilities Agreement.
The Facility continues to come with a comprehensive set of ESG-linked KPIs: reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions to improve the 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 annually tested and externally verified.
“We are pleased to see growing support from our financing partners and to onboard new lenders in the Group’s flagship facility. The increase in commitments demonstrates the strong relationship the Company has with its banking group and its support of our growth strategy,” said Jeff Webster, Chief Financial Officer of Gunvor Group.