Gunvor Group's unit secures $1.125 billion credit facility

July 14 (Reuters) - Geneva-based energy trader Gunvor Group on Friday said its unit Gunvor Singapore Pte. Ltd had secured a syndicated revolving credit facility totaling $1.125 billion.

The credit facility, which was launched initially at $550 million in April 2023, was oversubscribed by 26 existing and new banks and closed at $1.035 billion on June 16, 2023, the company said.

The facility was further upsized by $90 million to accommodate two more banks after June 2023, bringing the total amount to $1.125 billion as of July 14, it said.

The 364-day facility, which is guaranteed by Gunvor and includes two 12-month extension options, is intended to refinance the existing indebtedness, and for general corporate and working capital purposes. (Reporting by Rahul Paswan and Brijesh Patel in Bengaluru; Editing by Josie Kao)