Gunvor closes €400 million facility backed by SACE
Published by Jessica Casey,
Editor
LNG Industry,
Gunvor Group, a leading global physical energy trading company, has closed a €400 million, five-year term loan (the facility) guaranteed by SACE, the Italian Export Credit Agency (ECA) with UniCredit acting as global co-ordinator. The goal of the facility is to support Italian industry by securing natural gas and LNG supplies while promoting the export of Italy’s goods and services. Gunvor is a leading global trader of LNG, and one of the largest physical natural gas traders in Europe.
“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,” said Jeff Webster, Gunvor Group Chief Financial Officer.
“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,” stated Ciro Aquino Regional Manager Middle East – Head of Dubai Office SACE. 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.
“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,” added Stefan Koller, Global Head of Asset Based Financing at UniCredit.
UniCredit Bank AG acted as global co-ordinator, bookrunner, documentation agent and is the facility agent. Crédit Agricole Corporate And Investment Bank, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main, ING Bank N.V. and Unicredit Bank AG act as mandated lead arrangers and Erste Group Bank AG acts as lead arranger for the facility.
Clifford Chance, as Legal Counsel to SACE and UniCredit, contributed to finalising the transaction.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/19122023/gunvor-closes-400-million-facility-backed-by-sace/
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