SINGAPORE, April 28 Gunvor Singapore Pte Ltd, a
wholly owned subsidiary of Swiss-based trading house Gunvor
Group, launched a $350 million syndicated revolving credit
facility (RCF) to finance new investments and existing
operations in the Asia-Pacific region.
"Gunvor is in a strong position, having pursued a strategy
to diversify how we finance our Asian activities with a number
of dedicated borrowing bases in addition to our RCF," Jacques
Erni, chief financial officer of Gunvor Group, said in a
statement on Sunday.
Bookrunners and mandated lead arrangers of the facility
include Arab Petroleum Investments Corp, DBS Bank Ltd,
Maybank Bhd and ING Bank.
Gunvor Group's core earnings rose by a quarter in 2013. It
expects results to improve again this year despite the brief
turmoil it faced in March due to the threat of sanctions given
its co-founder Gennady Timchemko's close ties to Russian
President Vladimir Putin. Those concerns dissipated when that
Timchemko sold his stake in the firm.
(Reporting by Anshuman Daga; Editing by Ryan Woo)