The US division of oil trading giant Gunvor has closed a US$1.45 billion uncommitted syndicated borrowing base facility with a group of 16 international banks.

The facility includes a first-year tranche of US$1.16 billion and a second-year tranche of US$290 million, plus a US$500 million accordion feature, says Gunvor USA.

Rabobank and Société Générale are joint lead arrangers and active bookrunners for the loan. Rabobank is also acting as coordinator, left lead and administration agent.

Crédit Agricole Corporate and Investment Bank, ING Capital and Natixis are co-syndication agents on the deal, while Citibank, Industrial and Commercial Bank of China, MUFG and SMBC are co-documentation agents. There are seven other lenders comprising the syndicate.

Zukerman Gore Brandeis & Crossman serves as counsel to Rabobank as administration agent, while McGuireWoods is counsel to the borrower.

The funds will be used to refinance Gunvor's existing borrowing base facility which was signed in October 2021. It closed at US$1.33 billion, providing working capital and for general corporate purposes.

“The successful refinancing reflects the continued confidence of the group and our banking partners in the US business,” says David Garza, Gunvor USA managing director. “We enter our seventh year of operation with a diverse and growing portfolio in the Americas.”