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Banks sign $350 million financing for Kenya Pipeline’s Mombasa-Nairobi line
Banks sign $350 million financing for Kenya Pipeline’s Mombasa-Nairobi line
Jonathan Bell
15 July 2015

A consortium of local, regional and international banks has arranged a $350 million loan facility for Kenya Pipeline Company (KPC) for a new fuel products pipeline to run between Mombasa and Nairobi.

ING and EBRD team for Ukrainian ViOil pre-financing
ING and EBRD team for Ukrainian ViOil pre-financing
Jonathan Bell
15 July 2015

Ukraine’s major Ukrainian sunflower oil producer and exporter Industrial Group ViOil (ViOil) has secured a $40 million pre-financing through Dutch bank ING and the European Bank for Reconstruction and Development (EBRD).

BNPP and Intesa Sanpaolo finance Kenya’s Itare dam project
BNPP and Intesa Sanpaolo finance Kenya’s Itare dam project
Jonathan Bell
15 July 2015

BNP Paribas and Intesa Sanpaolo are providing export credit financing to fund the €306 million ($334.7 million) Itare dam project in Kenya. The project, which is backed by export credit guarantees from the Italian export credit agency SACE, was formally signed during the visit of Italian Prime Minister Matteo Renzi to Kenya.

New CEO appointed at FIMBank
New CEO appointed at FIMBank
Jonathan Bell
15 July 2015

Malta-headquartered trade finance bank, FIMBank has appointed Murali Subramanian as its new chief executive officer (CEO). The change comes following a seven-month period where Simon Lay was made responsible as acting CEO, following the retirement of former group president Margrith Lütschg-Emmenegger in December 2014.

IADB finances Ecuador steel plant
IADB finances Ecuador steel plant
Jonathan Bell
15 July 2015

The Inter-American Development Bank (IADB) is providing a $37 million loan to assist with the financing of a new 400,000 tons per year steel production plant in Ecuador.

CEFC finances DeGrussa copper mine solar project in Western Australia
CEFC finances DeGrussa copper mine solar project in Western Australia
Jonathan Bell
15 July 2015

The Clean Energy Finance Corporation (CEFC) is committing up to $15 million for the development of the 10.6MW solar plant with 6MW of battery storage at Sandfire Resources’ DeGrussa copper mine, 900km north-east of Perth, in Western Australia. The solar plant will be Australia’s largest solar and battery storage project to date.

JB's Industry Blog: 10 July 2015
JB's Industry Blog: 10 July 2015
Jonathan Bell
13 July 2015

As every banker and lawyer will know, trawling through page after page of documentation is usually not the most pleasant of tasks. But it is entirely necessary and essential to get the right end result.

WTO’s Azevêdo urges the closing of gaps in trade finance in Africa and Asia
WTO’s Azevêdo urges the closing of gaps in trade finance in Africa and Asia
Jonathan Bell
13 July 2015

WTO director-general, Roberto Azevêdo, has urged development finance institutions to continue to work together to help close the gaps that exist in the provision of trade finance for cross-border trade. Speaking at the opening session of the Third International Conference on Financing for Development in Addis Ababa today, he outlined the major gaps that exist, particularly in Africa and Asia, and the major impact that this can have on growth and development.

Textainer Group amends pricing and extends term on its $700 million RCF
Textainer Group amends pricing and extends term on its $700 million RCF
Jonathan Bell
13 July 2015

Bermuda-headquartered Textainer Group Holdings, the world’s largest lessor of intermodal containers based on fleet size, has secured an amendment to the margin on its $700 million five-year revolving credit facility (RCF), as well as extending the term of the loan with the lending group. The amendments are in favour of Textainer Limited, a wholly-owned subsidiary of the group.

Deutsche leads Nyrstar €400 million structured commodity facility to close
Deutsche leads Nyrstar €400 million structured commodity facility to close
Jonathan Bell
10 July 2015

Belgian-headquartered mining and metals company Nyrstar has successfully closed the refinancing of its structured commodity trade finance facility at €400 million ($442.7 million), in a transaction led by Deutsche Bank. There is scope under an accordion feature within the deal to considerably increase the borrowing.

HSBC appoints head of commercial banking Singapore
HSBC appoints head of commercial banking Singapore
Jonathan Bell
10 July 2015

HSBC has appointed Steven Cranwell head of commercial banking Singapore. He takes over from Kelvin Tan, who has been appointed chief executive officer for HSBC in Thailand.

IFIs plan $400 billion injection for sustainable development goals
IFIs plan $400 billion injection for sustainable development goals
Jonathan Bell
10 July 2015

International financial institutions (IFIs) namely the multilateral development banks (MDBs) and the IMF, have signaled plans to extend more than $400 billion in financing over the next three years and vowed to work more closely with private and public sector partners to help mobilise the resources needed to meet the historic challenge of achieving the Sustainable Development Goals (SDGs).

SACE provides guarantee for Tesmec electric cable exports
SACE provides guarantee for Tesmec electric cable exports
Jonathan Bell
9 July 2015

Italian export credit agency, SACE, has guaranteed a €33 million ($36.4 million) commercial bank export finance loan for the export of electric cable stringing equipment supplied by Italian company Tesmec to Spain’s Abengoa.

Akbank secures new three-year $275 million facility
Akbank secures new three-year $275 million facility
Jonathan Bell
9 July 2015

Akbank has secured a three-year $275 million syndicated loan through international bank channels. This is the first time since 2006 that a Turkish bank had approached the syndicated loan market with a standalone three-year term loan facility.

Afrexim raises and closes a record $1 billion bank loan
Afrexim raises and closes a record $1 billion bank loan
Jonathan Bell
8 July 2015

The African Export-Import Bank (Afrexim) has finally closed the general syndication stage of a term loan amounting to the equivalent of $1 billion. This is the largest ever term loan facility raised in the bank’s history. The bank will use the funds largely for onlending related to trade finance-related purposes.

BRICS further build foundations of New Development Bank
BRICS further build foundations of New Development Bank
Jonathan Bell
8 July 2015

The BRICS countries (Brazil, Russia, India, China and South Africa) held their first meeting of the board of governors of the New Development Bank (NDB) in Moscow yesterday, ahead of the latest BRICS summit in the Russian industrial city of Ufa in the Urals.

HFW extends corporate and projects capability in South-East Asia
HFW extends corporate and projects capability in South-East Asia
Jonathan Bell
8 July 2015

International law firm Holman Fenwick Willan (HFW) has hired Haydn Dare as a partner to work on corporate and project finance with a particular focus on Singapore and Indonesia.

Uruguay solar project gets IADB funding
Uruguay solar project gets IADB funding
Jonathan Bell
8 July 2015

The Inter-American Development Bank (IADB) has agreed to provide a $55.7 million loan from its ordinary capital to finance the construction, operation and maintenance of six photovoltaic solar energy plants and their related facilities in Uruguay. The project is sponsored by Sky Solar Holdings and a local solar developer Lafemir.

Côte d’Ivoire’s Afriland First Bank gets Afrexim facility for SME onlending
Côte d’Ivoire’s Afriland First Bank gets Afrexim facility for SME onlending
Jonathan Bell
8 July 2015

The African Export-Import Bank (Afrexim) has signed a €15-million ($16.5 million) financing facility to Afriland First Bank’s Côte d’Ivoire subsidiary for the financing of transactions by SME’s in that country’s key growth sectors.

FMO and IDCOL combine for port infrastructure loan in Bangladesh
FMO and IDCOL combine for port infrastructure loan in Bangladesh
Jonathan Bell
7 July 2015

Dutch development bank FMO, working together with the Bangladeshi institution Infrastructure Development Company Limited (IDCOL), have signed an agreement to provide a senior corporate loan amounting to $30.51 million to Summit Alliance Port Limited (SAPL) in Bangladesh. The funds will be used to develop SAPL’s container handling activities.

Jin Liqun nominated for AIIB presidency
Jin Liqun nominated for AIIB presidency
Jonathan Bell
6 July 2015

China has nominated Jin Liqun for the presidency of the Asian Infrastructure Investment Bank (AIIB). Jin, is a former vice-minister of finance in China, chairman of the Chinese sovereign wealth fund and is also the current secretary-general of the multilateral interim secretariat of the AIIB.

Turkey’s TSKB secures loan for trade and project and trade finance onlending
Turkey’s TSKB secures loan for trade and project and trade finance onlending
Jonathan Bell
6 July 2015

The Industrial Development Bank of Turkey (TSKB - Turkiye Sinai Kalkinma Bankasi) has secured an overall $252.5 million loan through a syndicate of international banks. TSKB will use the funds to onlend to customers for their trade and project finance-related transactions.

Pattern Development closes C$393 million financing for Meikle Wind project
Pattern Development closes C$393 million financing for Meikle Wind project
Jonathan Bell
6 July 2015

Pattern Energy Group (Pattern Development) has closed the C$393 million ($308 million) in financing for its 180 megawatt (MW) Meikle Wind power project located in British Columbia, Canada. The project is expected to be the largest wind power project in British Columbia upon completion, and will generate enough electricity to power approximately 54,000 homes.

JB's Industry Blog: 3 July 2015
JB's Industry Blog: 3 July 2015
Jonathan Bell
6 July 2015

While much of the global economic focus of late seems to be on Greece and its potential exit from the eurozone – Grexit, or probably more apt Acropolis Now – quite a lot of important fabric building is and has been happening in our wonderful world of trade and project finance. The loan with ENOC comes at a time when the company looks set to acquire the Turkmenistan-focused Dragon Oil for an estimated $5.8 billion for the remaining 46% of Dragon.

Italy’s SACE finalises €200 million credit for Angola’s Sonangol
Italy’s SACE finalises €200 million credit for Angola’s Sonangol
Jonathan Bell
6 July 2015

Italian export credit agency, SACE, has signed a cooperation agreement with the Angolan Ministry of Finance. The agency has also finalised a €200 million ($220 million) credit line in favour of the Angolan public oil & gas company Sonangol, aimed at supporting export and investments of Italian companies in the African country.

JBIC reorganises its infrastructure and environment finance group
JBIC reorganises its infrastructure and environment finance group
Jonathan Bell
6 July 2015

The Japanese export credit agency, Japan Bank for International Cooperation (JBIC), has reorganised its infrastructure and environment finance group. The realignment is designed to regroup the infrastructure finance sector into two large categories: power infrastructure and social infrastructure, while power infrastructure is divided in relation to the particular characteristics of projects.

Baker & McKenzie names new global trade & commerce head
Baker & McKenzie names new global trade & commerce head
Jonathan Bell
6 July 2015

Law firm Baker & McKenzie has named Stockholm partner Mattias Hedwall as the new leader of its 450-lawyer global trade & commerce group.

Halcyon Agri signs $413 million loan and working capital facility
Halcyon Agri signs $413 million loan and working capital facility
Jonathan Bell
3 July 2015

Natural rubber supply chain manager Halcyon Agri Corporation has successfully completed a refinancing of up to $413 million, replacing existing debts with a mix of term loan and working capital facilities.

Cheniere Partners secures $5.8 billion new debt financing for Sabine Pass Train 5
Cheniere Partners secures $5.8 billion new debt financing for Sabine Pass Train 5
Jonathan Bell
2 July 2015

Cheniere Energy Partners (Cheniere Partners) has secured debt financing of approximately $5.8 billion for its wholly-owned subsidiary the Sabine Pass Liquefaction’s (SPL) project in Louisiana, USA including the Train 5 LNG (liquefied natural gas) production facility. A total of 25 financial institutions have taken part in the financing (see below for full details of the institutions and their roles).

Veja Mate wind farm project financing closes
Veja Mate wind farm project financing closes
Jonathan Bell
2 July 2015

Highland Group Holdings (HGHL), Siemens Financial Services (SFS) and Copenhagen Infrastructure II fund have arranged and closed the project financing for the 400 MW Veja Mate offshore wind farm project. The project, located off the German coast in the North Sea, has a total debt and equity investment of €1.9 billion ($2.1 billion).

MIGA recruits Karin Finkelston as COO
MIGA recruits Karin Finkelston as COO
Jonathan Bell
2 July 2015

The Multilateral Investment Guarantee Agency (MIGA) has recruited and appointed Karin Finkelston as vice president and chief operating officer (COO). In her new role, Finkelston will oversee MIGA operations and handle a number of cross-cutting corporate initiatives.

Castleton Commodities closes $3.75 billion credit facilities
Castleton Commodities closes $3.75 billion credit facilities
Jonathan Bell
1 July 2015

US-headquartered, Castleton Commodities International (CCI) has closed two committed credit facilities totalling $3.75 billion. The funds will be used for general corporate purposes, but also largely to finance the company's acquisition of Morgan Stanley's Global Oil Merchanting business.

Silversea secures SACE-backed export credit facility
Silversea secures SACE-backed export credit facility
Jonathan Bell
1 July 2015

Cruise ship operator Silversea has secured and finalised a $293.5 million export credit facility, backed by Italian export credit agency SACE. The funds will part finance a luxury cruise vessel being built in Italy by shipbuilder Fincantieri.

US Ex-Im charter officially expires
US Ex-Im charter officially expires
Jonathan Bell
1 July 2015

As of midnight last night the charter for Export-Import Bank of the United States (US Ex-Im) officially expired, as no new vote on its reathorisation had taken place in the US Congress. As such, while this situation continues no new business will be done by US Ex-Im, making the US the only major economy in the world without an official export credit agency (ECA).

WFW recruits project lawyer to Paris office
WFW recruits project lawyer to Paris office
Jonathan Bell
1 July 2015

Watson Farley & Williams (WFW) has hired lawyer Guillaume Ansaloni as a partner for the finance team in its Paris office. Ansaloni focuses his practice on structured finance work and, in particular, project finance.

Project financing signed for Turkey’s Efeler geothermal project
Project financing signed for Turkey’s Efeler geothermal project
Jonathan Bell
30 June 2015

Project finance debt totaling $720 million has been signed between banks and Turkey’s Gurmat Electric Generation Company for the Efeler geothermal plant project. With a capacity of 170 MW, the project is the Turkey’s largest and Europe’s second largest geothermal power plant.

GarantiBank International closes its syndicated borrowing facility
GarantiBank International closes its syndicated borrowing facility
Jonathan Bell
30 June 2015

Trade and commodity-focused, Amsterdam-based, GarantiBank International (GBI) has closed its dual-currency syndicated borrowing facility with two tranches amounting to $260.5 million. The facility was oversubscribed despite a finer margin compared to the previous year.

Canada’s Detour Gold amends secured credit facility
Canada’s Detour Gold amends secured credit facility
Jonathan Bell
30 June 2015

Detour Gold Corporation has amended its C$135 million ($106 million) senior secured credit facility following negotiations with its bank lending group.

Afrexim provides funding for Cape Verde hotel project
Afrexim provides funding for Cape Verde hotel project
Jonathan Bell
30 June 2015

The African Export-Import Bank (Afrexim) has signed an agreement to provide a €57 million ($63 million) credit facility for the construction of a five-star hotel and spa by Cape Verde-based Decameron New Horizon group along the island nation’s main Santa Maria beach.

ING closes another ECA-backed Korean Air financing
ING closes another ECA-backed Korean Air financing
Jonathan Bell
29 June 2015

ING has closed another export credit financing with Coface-guarantees for Korean Air Lines (Korean Air). This is the fifth such financing that the bank has arranged for Korean Air.

Deutsche Bank goes live with KYC registry service
Deutsche Bank goes live with KYC registry service
Jonathan Bell
29 June 2015

Deutsche Bank’s Global Transaction Banking (GTB) division has embedded SWIFT’s Know Your Customer (KYC) Registry - a centralised repository that maintains a standardised set of information about correspondent banks required for KYC compliance - into its KYC procedures.

SACE and EIB combine for €600 million loan for Fiat
SACE and EIB combine for €600 million loan for Fiat
Jonathan Bell
29 June 2015

The European Investment Bank (EIB) and the Italian export credit agency SACE have combined to provide a €600 million ($669 million) loan to auto manufacturer Fiat Chrysler Automobiles (FCA) in Italy. The loan is earmarked to support the automotive group's research, development and production plans for 2015-17.

Factoring associations FCI and IFG plan union for global factoring
Factoring associations FCI and IFG plan union for global factoring
Jonathan Bell
29 June 2015

The boards of the two international factoring associations - Factors Chain International (FCI) and International Factors Group (IFG) – have put forward a formal proposal to set up a union between the two organisations. The idea is that such a union would represent the benefits and opportunities of the global factoring industry more effectively.

Statoil signs $5 billion RCF following oversubscription
Statoil signs $5 billion RCF following oversubscription
Jonathan Bell
29 June 2015

Oil producer Statoil ASA has successfully signed a $5 billion multicurrency revolving credit facility, guaranteed by Statoil Petroleum AS. The syndication saw a healthy oversubscription with Statoil electing to increase the initial launch figure.

OPIC provides loan for Jamaican solar energy project
OPIC provides loan for Jamaican solar energy project
Jonathan Bell
29 June 2015

The Overseas Private Investment Corporation (OPIC) has signed a $47 million loan to support the development of the Clarendon solar photovoltaic facility in Jamaica. The project is being developed by WRB Enterprises (WRB) of Tampa, Florida.

Exmar signs loan with ICBC for gas carrier
Exmar signs loan with ICBC for gas carrier
Jonathan Bell
29 June 2015

Independent Antwerp-based gas carrier and owner Exmar has signed a ship finance loan of $200 million. The funds will be used to purchase the world’s first floating LNG unit (FLNG – floating liquefaction and storage unit).

AIIB launches with 50 countries signing initial articles
AIIB launches with 50 countries signing initial articles
Jonathan Bell
29 June 2015

As part of the launch of the Asian Infrastructure Investment Bank (AIIB) some 50 countries of the founding country group have today signed the articles of agreement for the bank. The meeting was held in Beijing.

Vitol Asia secures $1.48 billion revolving credit facility
Vitol Asia secures $1.48 billion revolving credit facility
Jonathan Bell
29 June 2015

Energy trader Vitol Group has successfully renewed its one-year revolving credit facility (RCF) for its Singapore-headquartered Asian arm Vitol Asia. The facility was oversubscribed in syndication and Vitol elected to take additional funds.

Lundin Gold appoints Endeavour as financial advisor
Lundin Gold appoints Endeavour as financial advisor
Jonathan Bell
29 June 2015

Mining company Lundin Gold’s wholly-owned subsidiary, Aurelian Ecuador has appointed Endeavour Financial as its financial advisor to provide debt financial advisory services with respect to the development of the Fruta del Norte (FDN) project in Ecuador.

Rabobank appoints head of TCF Americas
Rabobank appoints head of TCF Americas
Jonathan Bell
26 June 2015

Rabobank has appointed Muriel Schwab as head trade & commodity finance (TCF) Americas. She takes up the post as of 1 July, and will be based in New York.