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Gunvor Diversifies Funding

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The commodity trader Gunvor Group has signed an $872.5m off-balance sheet facility from 24 banks to continue its strategy of funding diversification and investment in new and existing energy operations.

The facility was initially launched at $600m, said Gunvor, but received strong support from Gunvor’s banking partners and showed substantial over-subscription of 45%.

ING Bank acted as coordinator in the facility as well as active bookrunner and documentation agent and Société Générale acts as facility agent. ING together with Coöperatieve Rabobank, Natixis, Raiffeisen Bank International and SocGen are the issuing banks.

“Gunvor’s strategy and business model has proven to be very resilient in volatile market conditions,” said Muriel Schwab, CFO, Gunvor Group. “We appreciate our financing partners’ support and confidence in our business priorities as we embrace the energy transition, as well as Gunvor’s approach to corporate governance and risk management.”

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