Gunvor and Gunvor Belgium, subsidiaries of Gunvor Group, have closed $725m borrowing facility, which will provide working capital for Gunvor's refining activities in the Amsterdam-Rotterdam-Antwerp (ARA) region.

The Facility was launched at US $700 million and was oversubscribed at US $805 million, before being scaled back to US $725 million.

Gunvor's operations in the ARA consist of Gunvor Petroleum Antwerp, Gunvor Petroleum Rotterdam (GPR) and the Maasvlakte Olie Terminal (MOT) – the latter two of which were added to the Facility this year. Gunvor acquired GPR and its share in MOT in February.

ING acted as Coordinator and is the Facility- and Security Agent. In total, 13 banks participated in the Facility, which has a 364-day tenure whereby: ING Bank N.V. was Bookrunning Mandated Lead Arranger, and Rabobank was Senior Mandated Lead Arranger and Co-Arranger. Société Générale and DBS Bank LTD, London Branch were Mandated Lead Arrangers. Raiffeisen Bank International AG, Credit Suisse AG, Credit Agricole (Suisse) S.A, Nedbank Ltd London Branch, ABN Amro Bank N.V, Unicredit Bank AG, Sumitomo Mitsui Trust Bank, Mizuho Bank Ltd all served as Lead Arrangers. Bank of Tokyo Mitsubishi UFJ, Ltd was Arranger.