Switzerland-based Gunvor Group has closed its oversubscribed borrowing base credit facility worth $625m in order to carry operations at its Independent Belgian Refinery (IBR) located in Antwerp municipality in Belgium.
The facility was launched at $500m and closed oversubscribed at $625m, the company said.
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ING and Rabobank supported the facility and non-European markets supported, with full quarter participation.
The provision will be used by the company to purchase crude oil and feedstock for the refinery which includes blending products, storage and processing at the refinery’s premises, and carrying of receivables.
Gunvor Group spokesperson said, "Confidence in Gunvor’s business plan for its refining operations is very strong, with about 45% of IBR’s facility consisting of new funding beyond standing allocations from our banking partners.
"Gunvor’s move to diversify its operations to become a truly integrated trading house has clear support," said the spokesperson.
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By GlobalDataThe company’s subsidiary, Gunvor Singapore, also completed an oversubscription worth $635m with the support of local banks in the Asia- Pacific Region.
Gunvor Group also launched $800m revolving credit facility for general working capital.
The company also gained company’s stake in Signal Peak with the successful completion of a five year $250m secured acquisition facility.
It also started a syndication process at a recently acquired refinery in Ingolstadt to support operations.
