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 Ingolstadt refinery.
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 sanction list.
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 with Russia.
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)