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Metalloinvest pushes through new $750 million PXF
Metalloinvest pushes through new $750 million PXF
Jonathan Bell
16 July 2015

Russian iron and steel producer Metalloinvest has signed a new $750 million pre-export finance (PXF) facility with a club of international banks. TXF News understands the PXF was largely self-arranged by the company.

Non-US corporations to benefit most from Iran deal
15 July 2015

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).

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.

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.

Cracking the Turkmen code
Cracking the Turkmen code
Oliver Gordon
7 July 2015

BEST EUROPEAN/EURASIAN ECA FINANCE DEAL OF THE YEAR Dalia Gebrial looks at how this ECA-backed financing will lead to the transformation of the Turkmenistan petrochemicals sector.

Volac and Wilmar establish a global animal feed fats business

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.

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.

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.

DTEK completes Eurobonds restructuring
1 July 2015

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.

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.

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.

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.

Trafigura and Singapore LNG sign strategic deal to utilise excess storage capacity
Trafigura and Singapore LNG sign strategic deal to utilise excess storage capacity
Jonathan Bell
23 June 2015

Commodity trading company Trafigura and Singapore LNG Corporation (SLNG), operator of the country’s first liquefied natural gas (LNG) terminal, have signed a storage agreement to utilise excess capacity within the Singapore LNG terminal on Jurong Island.

Mercuria Energy closes multi-currency RCF oversubscribed
Mercuria Energy closes multi-currency RCF oversubscribed
Jonathan Bell
22 June 2015

Independent energy and commodities trading group Mercuria Energy Trading has signed a $2.5 billion multi-currency revolving credit facility (RCF). Following strong demand from banks, the facilities were significantly oversubscribed by 35%, and subsequently increased in aggregate, with a scale-back in participations.

BB Energy signs increased RCF amid strong demand
BB Energy signs increased RCF amid strong demand
Hesham Zakai
22 June 2015

Independent energy trading company BB Energy has signed a $200 million revolving credit facility (RCF) with a club of 25 financial institutions.

US energy company Venoco completes refinancing
US energy company Venoco completes refinancing
Jonathan Bell
22 June 2015

Independent US-based energy company Venoco has entered into a new $75 million term loan facility with Deutsche Bank. The company will use the proceeds from the new facility to repay all amounts outstanding under its earlier term loan facility entered into in April 2015.

Ukraine’s Kernel secures EBRD funds in syndicated bank facility
Ukraine’s Kernel secures EBRD funds in syndicated bank facility
Jonathan Bell
22 June 2015

Ukraine’s leading vertically integrated agribusiness company Kernel has signed a $65 million syndicated working capital credit facility with a group of European commercial banks. The European Bank for Reconstruction and Development (EBRD) has also come into the transaction with a $20 million take.

ENOC signs $1.5 billion syndicated loan
ENOC signs $1.5 billion syndicated loan
Jonathan Bell
22 June 2015

Dubai-based refining and trading company Emirates National Oil Company (ENOC) has secured a $1.5 billion syndicated loan through some 21 banks which took part in the syndication. The funds will support the group’s expansion plans including acquisitions, and provide the energy firm with longer term funding.

Cocobod formally announces close of senior phase of annual PXF syndication
Cocobod formally announces close of senior phase of annual PXF syndication
Jonathan Bell
19 June 2015

Today, the Ghana Cocoa Board (Cocobod) formally announced the close of the senior phase of its annual pre-export financing for the 2015-2016 cocoa crop. The financing was launched seeking $1.8 billion under a pre-export finance (PXF) structure, and the facility is fully underwritten by the arranging group – with a hefty oversubscription – at this stage.

UniCredit signs new credit facility for Gazprom
UniCredit signs new credit facility for Gazprom
Jonathan Bell
19 June 2015

UniCredit Austria has signed a new credit agreement for Russian oil and gas company Gazprom – totaling €300 million ($335 million). The signing took place today at the St Petersburg International Economic Forum 2015.

Dalma Energy secures financing for oil rigs through Bank Sohar and QNB
Dalma Energy secures financing for oil rigs through Bank Sohar and QNB
Jonathan Bell
17 June 2015

Oman-based drilling rig operator Dalma Energy International has secured a $77.5 million financing arranged by Bank Sohar and Qatar National Bank (QNB).

JB's weekly round up - 17 June 2015
JB's weekly round up - 17 June 2015
Jonathan Bell
17 June 2015

June is a month that is always jam-packed with highly-publicised sporting accomplishments. With leagues and tournaments of every variety coming to a climatic end in the month, news feeds from Hong Kong to New York are always inundated with extravagant – if only occasionally merited – eulogies on the triumphs of a fleetingly-victorious team or sportsman.

China’s increasing presence in Latin America
China’s increasing presence in Latin America
Cristiane Gomes
16 June 2015

Cristiane Gomes, head of sales & relationship management, South America, BNY Mellon Treasury Services, explores the intensification of economic ties between China and Latin America and what this means for local banks and corporates.

Unlocking the potential of Russia-Asia cooperation
16 June 2015

Rothschild terminates plans for commodities fund
16 June 2015
WSJ

Goldcorp increases credit facility to $3 billion
Goldcorp increases credit facility to $3 billion
Jonathan Bell
15 June 2015

North and Latin-American gold producer Goldcorp has increased its existing credit facility from $2 billion to $3 billion, as well as extending the term to June 2020, under existing terms and conditions.

Citi faces headwinds in commodity trade finance, presses on with expansion
15 June 2015

Article 194 opinion on the BAFT Master Participation agreement
Article 194 opinion on the BAFT Master Participation agreement
Oliver Gordon
15 June 2015

A video presentation of Sullivan & Worcester's Article 194 opinion on the BAFT Master Participation agreement

S&W Advises on 2015 Cocobod Financing: Sullivan & Worcester LLP
15 June 2015

All hail… the TXF Best in Class
All hail… the TXF Best in Class
Oliver Gordon
12 June 2015

June is a month that is always jam-packed with highly-publicised sporting accomplishments. With leagues and tournaments of every variety coming to a climatic end in the month, news feeds from Hong Kong to New York are always inundated with extravagant – if only occasionally merited – eulogies on the triumphs of a fleetingly-victorious team or sportsman.

Mercuria v Citigroup: The issues and implications for the commodities market
Mercuria v Citigroup: The issues and implications for the commodities market
Robert Parson & Jonathan Solomon
10 June 2015

Robert Parson and Jonathan Solomon, partners at leading law firm Reed Smith, take a look at the implications for the commodities market of the recent Mercuria v Citigroup ruling.

US oil company Apache signs new $3.5 billion credit facility
US oil company Apache signs new $3.5 billion credit facility
Jonathan Bell
8 June 2015

Houston-headquartered oil and gas exploration and production company Apache Corporation has signed a new credit agreement with a group of international bank lenders amounting to $3.5 billion.

Natixis arranges France's largest power project refinancing for Exeltium
Natixis arranges France's largest power project refinancing for Exeltium
Jonathan Bell
8 June 2015

Natixis has led a group of international banks in arranging a €1.4 billion project refinancing for Exeltium, the French industrial consortium providing power to a range of French electro-intensive industrial clients and sectors.

Uralkali increases PXF with inclusion of BoC
Uralkali increases PXF with inclusion of BoC
Jonathan Bell
3 June 2015

Russian potash producer Uralkali has announced the upscaling of its new pre-export financing (PXF) with the facility now amounting to $630 million. The increase of the initial amount has now taken place with the inclusion of Bank of China (BoC), which has come into the deal with a take of $100 million.

Metals group AMG signs oversubscribed RCF
Metals group AMG signs oversubscribed RCF
Jonathan Bell
1 June 2015

Amsterdam-headquartered Advanced Metallurgical Group (AMG) has entered into a new $320 million multi-currency term loan and revolving credit facility (RCF). The facility was met with good bank market appetite resulting in a substantial oversubscription.

Glencore signs $15.25 billion revolving credit facilities
Glencore signs $15.25 billion revolving credit facilities
Jonathan Bell
29 May 2015

Swiss-headquartered commodity trading company Glencore has signed its $15.25 billion revolving credit facilities (RCF). A total of 60 banks committed to the facilities, including 34 mandated lead arrangers and bookrunners.

LPC-Metinvest's holdout creditors unlikely to agree debt deal-sources
29 May 2015

Top commodity trading houses line up for Iran's return to market
29 May 2015

GrainCorp: providing increased efficiencies in a tight market sector
GrainCorp: providing increased efficiencies in a tight market sector
Jonathan Bell
29 May 2015

BEST SOFT COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell reviews how Rabobank led the first structured inventory financing for Australia’s GrainCorp.

Aegean Marine Petroleum: Success in the midst of the storm
Aegean Marine Petroleum: Success in the midst of the storm
Hesham Zakai
29 May 2015

BEST EUROPEAN/EURASIAN COMMODITIES FINANCE DEAL OF THE YEAR Hesham Zakai discovers why simplicity was the best policy for Aegean Marine Petroleum’s new borrowing base facility.

Glencore/SHT: a transformational deal for Chad
Glencore/SHT: a transformational deal for Chad
Jonathan Bell
29 May 2015

BEST AFRICAN COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell assesses the success of Glencore’s prepayment financing in the landmark deal with SHT and in Chad.

Eroton: a bespoke African deal to wow the market
Eroton: a bespoke African deal to wow the market
Jonathan Bell
29 May 2015

MOST INNOVATIVE COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell examines the innovations Afreximbank employed when it structured a reserve-based lending facility for Nigeria’s Eroton.

 EGPC: An oil deal designed to boost economic reform
EGPC: An oil deal designed to boost economic reform
Hesham Zakai
29 May 2015

BEST ENERGY FINANCE DEAL OF THE YEAR Hesham Zakai reviews how government support, a winning international alliance and strategic timing have combined in this EGPC deal to put Egypt back on the global investment map.

Calik Cotton: a lesson in local innovation
Calik Cotton: a lesson in local innovation
Dalia Gebrial
29 May 2015

BEST COMMODITIES DFI DEAL OF THE YEAR Dalia Gebrial speaks to ITFC about the Islamic financing structure wich secured the Calik Cotton deal.

Biosev: ING stirs a sweet deal for the Brazilian sugar processor
Biosev: ING stirs a sweet deal for the Brazilian sugar processor
Jonathan Bell
29 May 2015

BEST AMERICAS COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell reveals how ING structured a rarely seen syndicated ACC financing for Biosev and extended the term of financing to three years.