Gunvor Group Ltd Successfully Extends European Syndication
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Gunvor Group Ltd Successfully Extends European Syndication

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English

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Gunvor Group Ltd Successfully Extends European Syndication PR Newswire GENEVA, June 26, 2012 GENEVA, June 26, 2012 /PRNewswire/ -- Gunvor Group Ltd today announced the

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Gunvor Group Ltd Successfully Extends
European Syndication
PR Newswire
GENEVA, June 26, 2012
GENEVA
,
June 26, 2012
/PRNewswire/ --
Gunvor Group Ltd today announced the successful completion of an extension
of the European one-year tranche of its Revolving Credit Facility (RFC). The
extension is for 6-months, with a maturity in
December 2012
. The refinancing
process for the European syndication will begin in September.
The extension comes on the heels of Gunvor Singapore Pte Ltd signing a
USD635 Million
syndicated RCF, which drew considerable new support from
local banks in the Asia-Pacific Region, affirming Gunvor's decision to create a
stand-alone syndication. The Asia-Pacific Facility was launched at
USD470
Million
and closed oversubscribed by 35 percent.
"Confidence as expressed by European banks and recently by our over-
subscribed
Asia-Pacific
syndication is enabling Gunvor to realize its strategy of
diversification to become an integrated trading company," said Torbjörn
Törnqvist, CEO of Gunvor Group.
Proceeds of the RCF extension will be used to refinance existing debt and to
finance general and working capital requirements of the Company.
Gunvor Group, one of the world's largest independent commodity trading
companies by turnover, provides integrated trading products and logistics
services for participants in the worldwide oil and energy markets.
Headquartered in
Cyprus
, the company's main trading offices are
Geneva
and
Singapore
with a network of representative offices around the globe. Follow
Gunvor on Twitter: @Gunvor.
Media Enquiries:
Qorvis Communications
Mr. Seth Thomas Pietras
Email: stp@qorvis.com
Phone: +41-79-870-6290
Mikhailov & Partners
Mr. Anton Kurevin
Email: kurevin@m-p.ru
Phone: +7-919-960-4119