Gunvor USA, an indirect wholly-owned subsidiary of global oil and gas trading company Gunvor Group, has closed a US$2.34 billion uncommitted borrowing base credit facility, with support from a syndicate of 21 lenders.

The heavily oversubscribed facility includes a US$1.75 billion one-year tranche and a US$584 million two-year tranche, as well as a $500 million accordion feature to support future growth.

The facility is led by Rabobank, which served as administrative agent, mandated lead arranger, active bookrunner, coordinator and left lead. Société Générale, ING Capital and MUFG Bank also acted as mandated lead arrangers.

Citibank, Crédit Agricole Corporate and Investment Bank, Natixis ( New York Branch ), and Sumitomo Mitsui Banking Corporation served as joint lead arrangers and shared co-syndication agent duties. Bank of China ( New York Branch ) and First Abu Dhabi Bank USA joined the facility as new co-documentation agents together with Deutsche Bank ( New York Branch ), Industrial and Commercial Bank of China ( New York Branch ), Mizuho Bank, and UBS Switzerland.

Zukerman Gore Brandeis & Crossman acted as counsel to the administrative agent while McGuireWoods represented the borrower.​

Proceeds of the facility will refinance Gunvor USA’s existing US$1.94 billion borrowing base facility, which was initially launched in October 2023 and later increased through an accordion feature in May 2024. The upsized facility will provide continued working capital financing for the company’s merchant activities and fund general corporate purposes.

“Gunvor USA’s successful capital raise reflects the continued confidence of our banking partners in the US business and Gunvor Group globally,” says Gunvor USA managing director David Garza. “Our business model has proven to be resilient during times of market stress. That success, combined with bank market support, affords us the ability to focus on strategic growth opportunities across North America.”