| LONDON, July 29
LONDON, July 29 Gunvor Group has refinanced a
$500 million uncommitted secured revolving borrowing base
facility, which refinances an existing loan from July 2013 and
finances the group's refining and marketing activity in greater
Bavaria and surrounding countries.
Unicredit and Deutsche Bank are bookrunners and mandated
lead arrangers on the deal, which saw existing lenders
recommitting to the deal at the same level.
Trading house Gunvor maintained the size of the facility at
$500 million as it is secured on volume flowing through the
The refinancing follows a $536.6 million refinancing for
Gunvor Singapore, which was completed in June and was guaranteed
by Gunvor Group
Gunvor Group's co-owner Gennady Timchenko was hit by US
sanctions over Russia's involvement in Crimea and Ukraine but
sold his 43 percent stake in Gunvor to chief executive Torbjorn
Tornqvist on March 19.
The sale was announced hours after US released a 20-name
The completion of Gunvor's two refinancings shows that banks
are still willing to lend on the new shareholding structure and
support the company, which has longstanding bank relationships
in the loan market.
Gunvor said that core earnings rose by a quarter in 2013 in
April and that it expected to improve results again in 2014
despite the turmoil it faced in April due to its close links
Gunvor's German entities include Gunvor Raffinerie
Ingolstadt GmbH, and the refinery's German marketing company,
Gunvor Deutschland GmbH.
Both companies ensure the supply of fuel, heating oil and
other refined products in south Germany and Austria, Switzerland
and Czech Republic.
(Editing by Alasdair Reilly)