Bloomberg News

Gunvor Said to Hire Nine Banks for $1 Billion Loan Refinancing

June 16, 2011

June 16 (Bloomberg) -- Gunvor International BV, the closely-held energy trader, hired nine banks to help arrange at least $1 billion of loans to refinance debt, according to a person familiar with the matter.

The nine lenders include ABN Amro Bank NV, BNP Paribas SA, Credit Agricole CIB, Credit Suisse Group AG, HSBC Holdings Plc, ING Groep NV, Natixis, Rabobank Nederland NV and Societe Generale SA, said the person, who asked not to be identified as the information is private.

The one- and three-year revolving credit facilities may be signed as soon as next week, the person said. The loans include a portion tailored to Asian lenders, another person familiar with the matter said on March 28. In a revolving credit facility money that’s been repaid can be borrowed again.

Proceeds will allow Amsterdam-based Gunvor to repay a $1.06 billion credit line arranged in May last year, according to data compiled by Bloomberg. The company paid interest of 185 basis points more than the London interbank offered rate on that occasion, the data show.

--Editors: Hugh Chow, Ed Johnson

To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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