- The facility totals $2.395 billion with Tranche A at $1.885 billion and Tranche B at $510 million.
- Tranche A is a 364-day revolving credit with three extension options; Tranche B is a 3-year facility with one extension.
- The facility includes a $400 million Accordion Option and refinances existing credit agreements.
- ESG-linked KPIs focus on reducing GHG emissions and investing in renewable projects.
Facility Overview
Gunvor Group has secured a $2.395 billion sustainability-linked, multi-currency revolving credit facility. The facility is divided into two tranches: Tranche A, a $1.885 billion 364-day revolving credit with three 364-day extension options, and Tranche B, a $510 million 3-year revolving credit with one 364-day extension option.
Purpose and Features
The facility will be used for general corporate purposes, including refinancing existing credit agreements. It includes a $400 million Accordion Option and complements the existing $490 million 3-year tranche of the 2024 European Revolving Credit Facilities Agreement.
ESG Commitments
The credit facility is linked to ESG KPIs, focusing on reducing Scope 1, 2, and 3 greenhouse gas emissions, improving energy efficiency in the shipping fleet, investing in renewable and carbon reduction projects, and assessing assets, joint ventures, and suppliers against human rights principles. These KPIs are annually tested and externally verified.
Banking Partners
The facility saw strong support from existing and new banking partners, with several banks acting as bookrunning mandated lead arrangers, active bookrunners, and sustainability coordinators. Key banks involved include Abu Dhabi Commercial Bank, Crédit Agricole, ING Bank, Natixis CIB, Société Générale, and UBS Switzerland AG, among others.
