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Gunvor Group, a global physical energy trading company, recently finalised a 5-year term loan valued at €400 million.
This loan, guaranteed by SACE, the Italian Export Credit Agency, was coordinated globally by UniCredit. The primary objective of this financial arrangement is to bolster the Italian industry, particularly by ensuring a steady supply of natural gas and liquefied natural gas (LNG).
Jeff Webster, the Chief Financial Officer of Gunvor Group, said, “Gunvor is pleased to support SACE’s push strategy by helping secure energy supplies to the country and having the opportunity to further grow the business with Italian customers and suppliers.”
Ciro Aquino, Regional Manager Middle East – Head of Dubai Office at SACE, said “In times of unprecedented complexity, the need for innovative business support mechanisms becomes crucial. We take pride in this operation, which, as part of our Push Strategy, aids Italian companies in exploring new markets while facilitating access to relevant energy supplies.”
The support of strategic imports represents a new and timely initiative by SACE, aligned with the objectives of the INSIEME 2025 Industrial Plan. Its goal is to improve the resilience of the national economic landscape, relaunch the competitiveness of companies in global markets, and consolidate growth within domestic markets.
Stefan Koller, Global Head of Asset Based Financing at UniCredit, said, “UniCredit is proud to arrange and coordinate this Facility, which marks a significant step in bolstering gas security across Europe. Its role as a novel facility type for commodity traders underscores our commitment to ensuring reliable energy supplies while innovating trade finance strategies in an ever-evolving energy landscape.”
In this transaction, UniCredit Bank AG functioned as the Global Coordinator, Bookrunner, Documentation Agent, and the Facility Agent.
The Facility saw the participation of several leading banks, including Crédit Agricole Corporate And Investment Bank, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main, ING Bank N.V., and Unicredit Bank AG as Mandated Lead Arrangers, with Erste Group Bank AG acting as Lead Arranger.
Legal aspects of the transaction were managed by Clifford Chance, serving as the Legal Counsel for both SACE and UniCredit, contributing significantly to the completion of this deal.
