Gunvor Singapore Pte. Ltd., a subsidiary of Gunvor Group Ltd., has secured a $1.2 billion sustainability-linked syndicated revolving credit facility on June 14 2024, increased to $1.32 billion by 12 July 2024 due to strong banking support and new participants. Initially launched at $750 million in April 2024, the facility was oversubscribed by over 60%. This 364-day facility, guaranteed by Gunvor, includes two 12-month extension options and will be used for general corporate and working capital purposes, including refinancing Gunvor’s existing $1.035 billion 2023 Asia sustainability-linked RCF. It features four sustainability KPIs: reducing Scope 1, 2, and 3 GHG emissions, investing in non-fossil fuel projects, and assessing human rights compliance. These KPIs are tested annually and externally verified. Major banks involved include Abu Dhabi Commercial Bank, DBS Bank, MUFG Bank, and Oversea-Chinese Banking Corporation, with new participants like Indian Bank and Union Bank of India joining the syndicate.
Gunvor Singapore secures $1.32B facility
The Facility, initially launched at $750 million in April 2024, was oversubscribed by over 60%, demonstrating strong demand. (Image Credit: Gunvor Singapore)
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