Gunvor USA LLC has secured a US$500 million borrowing base credit facility to support the company’s newly established operations in the US. Gunvor USA LLC has opened an office in Houston, Texas that initially will be trading refined products, natural gas, and asphalt/bitumen.
The new facility is jointly lead-arranged by Coöperatieve Rabobank U.A., New York Branch, which will also serve as administrative agent, and ABN Amro Capital USA LLC. The other lenders are ING Capital, LLC, Natixis, New York Branch, Société Générale and Credit Agricole Corporate and Investment Bank. As part of its establishment in the US, Gunvor USA has initiated a relationship with Bank of Texas, Houston Branch, part of the larger BOKF, NA bank network. Bank of Texas has been appointed as Gunvor USA’s primary cash management bank.
Gunvor USA LLC is a wholly-owned indirect subsidiary of Gunvor Group Ltd., one of the largest independent energy commodity traders in the world. In 2015, the Group generated US $64 billion in revenue and moved 180 million MT of physical energy and commodities.