Commerse, Savings and Money :: World finance

Rlpc gunvor group signs $290 mln syndicated loan


Aug 5 Gunvor Group has signed a $290 million, one-year revolving credit facility that will be used to support general corporate and working capital purposes through the issuance of off-balance sheet instruments, the commodity trading house said on Tuesday. The uncommitted financing will be used to issue standby letter of credits, bid bonds and performance bonds or guarantees.

Borrowers under the facility, which is guaranteed by Gunvor Group, are Gunvor SA, Gunvor International BV, Gunvor Deutschland GmbH, Gunvor Raffinerie Inglostadt GmbH and Independent Belgium Refinery NV. ABN AMRO Bank and ING Bank were joint coordinators on the facility, which closed significantly oversubscribed and was increased from a launch amount of $250 million.

ABN AMRO Bank, ING Bank, DZ bank and Eurler Hermes Europe were mandated lead arrangers and bookrunners on the financing. Natixis and Rabobank International were mandated lead arrangers, while Credit Suisse and Societe Generale were lead arrangers.

The new facility comes after Swiss-based Gunvor signed a $500 million borrowing base loan in July to refinance an existing loan from July 2013 and finance the group's refining and marketing activity in greater Bavaria and surrounding countries.

Rlpc lukoil signed $1 bln bridge loan ahead of sanctions


Aug 14 Russia's largest independent oil producer Lukoil, signed a $1 billion bridge loan to a potential US dollar bond with US banks Citigroup and JP Morgan at the beginning of July, a source close to the deal said. Lukoil hired Citi and JP Morgan to lead a US dollar bond in March, which was delayed amid the political fallout from Russia's annexation of the Crimea. The bridge loan was signed in early July, just before further Western sanctions were announced on July 16.

JP Morgan declined to comment, Citi and Lukoil were not immediately available to comment. Although Lukoil was not included in the most recent sanctions, the measures have affected all Russian companies' ability to refinance existing loans and even non-sanctioned companies are unable to raise new loans.

Lukoil has said that the bond could still happen in the autumn but no Russian bank or company has priced an international bond since private bank Promsvyazbank printed a US$300m seven-year Tier 2 note on July 15.

The last time Lukoil was in the market for a large loan was August 2010, when the company raised a $1.5 billion unsecured one year loan. That deal was arranged by Bank of Tokyo-Mitsubishi UFJ, Citi, ING Bank, Natixis, Royal Bank of Scotland and WestLB, and paid an all-in interest margin of 180-200 basis points over Libor. Lukoil is rated BBB- by S&P, Baa2 by Moody's and BBB by Fitch.

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