Gunvor USA, a subsidiary of Swiss commodities trader Gunvor Group, has closed the syndication of its $1.33 billion borrowing base credit facility.

The facility includes a $500 million accordion feature, which remains available to support future growth.

The proceeds of the facility will refinance Gunvor USA’s existing borrowing base facility signed in October 2020, provide continued working capital financing for the company’s merchant activities, and fund general corporate purposes.

Chris Morran, chief financial officer of Gunvor USA, said: “Gunvor USA’s 2021 refinancing represents the sixth iteration of this revolving credit facility, which has grown to 16 banks and more than $1.3 billion. 

“We are grateful for the strong, ongoing support of our bank group, and are pleased to have the capital and flexibility to continue growing Gunvor USA’s business.

The borrowing base facility is jointly lead-arranged by Netherlands-based Rabobank, which also serves as administrative agent and active bookrunner. 

ING Capital LLC, Natixis, New York Branch, and Société Générale also serve as joint bookrunners, joint lead arrangers, and co-syndication agents in the transaction. 

Credit Agricole Corporate and Investment Bank, Sumitomo Mitsui Banking Corporation, and MUFG Bank serve as co-documentation agents. 

The syndicate is further supported by a group of nine additional returning lenders.

David Garza, managing director of Gunvor USA, said: “The successful refinancing reflects the continued confidence of the Gunvor Group and our banking partners in the US. 

“We enter our sixth year of operation with a diverse and growing portfolio in the Americas.”

Zukerman Gore Brandeis & Crossman serves as counsel to the administrative agent, and McGuireWoods serves as counsel to the borrower.