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Gunvor Group closes $1.565 billion credit facility

Reuters
·1-min read

(Reuters) - Geneva-based energy trader Gunvor Group on Wednesday said it has renewed a $1.565 billion loan facility to support the working capital needs of its liquefied natural gas (LNG) activities globally.

The credit arrangement launched at $1.2 billion was oversubscribed and increased from $1.135 billion to $1.565 billion, the company said.

As a part of the credit facility, Gunvor has committed to carbon emissions reporting to establish transparency for the carbon footprint of its LNG chain.

"The very strong interest this financing has received from such a diversified pool of lenders reflects the global nature of Gunvor's LNG activity," said Tawfik Sadfi, head of structured trade finance at Gunvor Group.

The facility was structured by Rabobank U.A. and Société Générale acted as documentary agent.

(Reporting by Rahul Paswan in Bengaluru; editing by Jason Neely)