Gunvor Singapore launches $439.7m credit facility for Asia investments

SINGAPORE (Reuters) - Gunvor Singapore, a wholly owned subsidiary of Swiss-based trading house Gunvor Group, launched a US$350 million (S$439.7 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, Maybank 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.

Register here to get free digital access to The Straits Times until Aug 9, 2015.
Comments