News Post
Gunvor secures US$200mn to upgrade refinery
Commodity trader Gunvor Group has received US$200mn in project financing from a group of European lenders.
Gunvor reports strong support for the facility, which was oversubscribed by almost 40%. Rabobank was mandated co-ordinator for the facility and ING acted as agent, security agent and account bank. Additionally, ABN Amro, Raiffeisen Bank and Sociéte Générale joined as mandated lead arrangers and original lenders. Clifford Chance offered legal advice.
The project financing will be used to upgrade a petroleum refinery in the Rotterdam harbour bought earlier this year from Kuwait Petroleum. Gunvor explains in a statement that the refinery will be integrated its existing European network, including refineries in Belgium and Germany.
BY SOFIA LOTTO PERSIO
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