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Gunvor Seeks $470M Credit

Gunvor International, the closely held energy trader, hired banks to help arrange a $470 million revolving credit facility, according to two people familiar with the matter.

The 364-day loan is being syndicated to lenders in Asia and pays a so-called all-in rate, which includes margin and fees, of 290 basis points more than the London interbank offered rate to banks pledging $35 million or above, the people said, asking not to be identified because the details are private.

Australia & New Zealand Banking Group, China Development Bank, DBS Group Holdings, First Gulf Bank, ING Group, National Australia Bank, Societe Generale and Sumitomo Mitsui Banking are arranging the facility, the people said.

(Bloomberg)

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