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Gunvor Group Ltd. has renewed its syndicated borrowing base that was launched final yr to assist its LNG buying and selling actions, attracting new curiosity and extra commitments from lenders internationally.
The buying and selling home mentioned it launched the syndication at $1.2 billion. It was oversubscribed with greater than 20 banks from Africa, Asia, Europe and the Center East in an indication that “LNG has secured a spot as a strategic commodity for each the power transition and power safety,” mentioned Gunvor’s head of structured commerce finance Tawfik Sadfi.
Finally, six new banks joined the borrowing base, which was elevated to almost $1.57 billion.
“The profitable refinancing and enhance of this facility underscores the extent to which a rising variety of banks acknowledge LNG as a part of the mainstream commodities market,” mentioned Rabobank’s Gertjan Lagerwerf, a director on the Dutch multinational monetary providers firm, which participated.
The borrowing base has been structured round Gunvor’s international liquefied pure fuel commerce flows, together with transport actions. The agency, the world’s largest impartial LNG buying and selling firm, mentioned it will be used to finance bodily and by-product positions within the international fuel market.
As a part of the power, Gunvor additionally dedicated to carbon emissions reporting to extend transparency for the environmental footprint of the corporate’s LNG worth chain. The corporate at the moment publishes all greenhouse fuel emissions associated to its LNG trades yearly, however it mentioned further applications are being established to deal with new buying and selling.
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