Swiss charterer Gunvor Group is boosting its LNG shipping and trading activities with a huge new finance package.
The company, which also controls a tanker and LNG carrier fleet, is the largest independent trader of LNG worldwide.
Gunvor said the new syndicated loan deal was launched at $800m but was oversubscribed "following strong appetite from the market", mainly in Asia.
The final amount was upsized to $1.135bn.
The cash will support the working capital needs of its growing gas activities.
The facility is structured around global LNG trade flows, including Gunvor's shipping operations.
As part of the deal, the group has committed to CO2 emissions reporting to establish transparency for the carbon footprint of the company's LNG value chain.
"The success of this new LNG borrowing base demonstrates a strong commitment from banks to support Gunvor’s growing LNG business through innovative structures," said Tawfik Sadfi, head of structured trade finance at Gunvor Group.
"Gunvor's clearly defined trading strategy and business model, which function hand-in-hand with our sustainability commitments, continue to attract the confidence of the market," he added.
First deal of its kind for LNG
Rabobank was one of the bookrunners and lead arrangers.
The lender said the deal is the first of its kind for LNG trading and coincided with unprecedented volatility in the market, reflecting the strong interest of banks to support responsible participants in the growing global LNG market.
Another bookrunner and lead arranger, Societe Generale, added: "This new LNG borrowing base embodies Gunvor's long-term strategic move to support transitional commodities that enable the energy transition to a low-carbon future."
Gunvor has previously said it will cut Scope 1 and 2 emissions 40% by 2025.
Natixis in Singapore was also a bookrunner and lead arranger.
Other lenders included DBS Bank and OCBC.
