Gunvor Group commodities trading house has secured a $2.265bn sustainability-linked, multi-currency revolving credit facility. The facility is in favour of Gunvor International B.V. and Gunvor SA and comes with emissions reduction to improve the energy efficiency of the shipping fleet.
Gunvor Group said the facility ended up substantially upsized versus last year.
The multi-currency revolving credit facility consists of two tranches. The first tranche is a $1.775bn 364-day revolving credit facility with three 364-day extension options.
The second tranche is a $490m 3-year revolving credit facility with one 364-day extension option.
Additional liquidity was successfully raised in both tranches, Gunvor said.
“We are pleased to see growing support from our financing partners and to onboard new lenders in the Group’s flagship facility,” commented Jeff Webster, chief financial officer of Gunvor Group.
The facility will be used for general corporate purposes, including the refinancing of the existing $1,535,000,000 364-day tranche of the 2023 European Revolving Credit Facilities Agreement, and the $280,000,000 3-year tranche of the 2022 European Revolving Credit Facilities Agreement.
It has a $400m accordion option and complements the existing $350m 3-year tranche of the 2023 European Revolving Credit Facilities Agreement.
The facility comes with a reduction of scope 1 and 2 greenhouse gas emissions, reduction of scope 3 greenhouse gas 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.
