Gunvor signs $1bn loan in oil company’s first Asian foray

Swiss oil trader Gunvor has signed a $1.03bn facility, increasing the transaction from $750m after it was heavily oversubscribed. The 364 day revolver is split into a $785m tranche aimed at European lenders through Gunvor International and a $245m line for Asian investors available to Gunvor Singapore and guaranteed by Gunvor International. The deal marks Gunvor’s first foray into the Asian market.