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Can Ivan Glasenberg dig Glencore out of trouble this time?
18 August 2015

Deutsche Bank closes €300 million borrowing base facility for VDM Metals
Deutsche Bank closes €300 million borrowing base facility for VDM Metals
Jonathan Bell
17 August 2015

Deutsche Bank has closed a €300 million ($334 million) borrowing base facility for the German metal production company VDM Metals Group (VDM). Acting as the coordinating bank, Deutsche has arranged the syndicated facility to enable VDM to secure working capital following the sale of the group from ThyssenKrupp to private equity firm Lindsay Goldberg.

Glencore braced to reveal huge drop in profits
17 August 2015

Olam quarterly profit triples as food unit earnings advance
17 August 2015

KAZ Minerals signs $50 million credit facility with Caterpillar
KAZ Minerals signs $50 million credit facility with Caterpillar
Jonathan Bell
14 August 2015

Kazakhstan-focused copper production company KAZ Minerals has signed a new $50 million revolving credit facility (RCF) with Caterpillar Financial Services (UK) (Cat Financial), a subsidiary of Caterpillar Incorporated.

Export finance market declines on project and aviation finance slump
Export finance market declines on project and aviation finance slump
Oliver Gordon
14 August 2015

Export finance volumes in the first half of 2015 have tumbled by 28% year-on-year, and by 35% compared to the second half of last year, TXF’s H1 Export Finance Report revealed this week. The reduction in large project and aviation finance deals has been cited as a key reason for the market drop-off.

JB's Industry Blog: August 14
JB's Industry Blog: August 14
Jonathan Bell
14 August 2015

If you love international trade, then you surely must love ships. I certainly do. And maybe that’s not surprising as I was born in Sunderland – a town that many years ago used to be well-known for shipbuilding.

PGNiG Upstream International secures $400 million financing
PGNiG Upstream International secures $400 million financing
Jonathan Bell
13 August 2015

PGNiG Upstream International (PUI), a subsidiary of Polish oil and gas group PGNiG, has signed a $400 million credit facility agreement with eight international banks. The main use of proceeds from the facility will be the early repayment of some of PUI’s outstanding debt, including the entire debt contracted to finance the acquisition of assets from Total E&P Norge in 2014.

Glencore's trading profit at risk from rout in commodities
11 August 2015

Gazprom Marketing and Trading secures $500 million RCF
Gazprom Marketing and Trading secures $500 million RCF
Jonathan Bell
10 August 2015

Gazprom’s UK-based subsidiary, Gazprom Marketing & Trading (GM&T) has signed a 364-day $500 million syndicated revolving credit facility (RCF).

Noble looks to reassure investors with independent PwC reports
Noble looks to reassure investors with independent PwC reports
Jonathan Bell
10 August 2015

Hong Kong-headquartered, commodity trading house Noble Group has today made public the conclusions and results of the PricewaterhouseCoopers (PwC) review of Noble's mark-to-market (MTM)* models, valuations and governance framework.

DFIs and commercial banks arrange financing for Azeri offshore gas field
DFIs and commercial banks arrange financing for Azeri offshore gas field
Jonathan Bell
7 August 2015

Development financing institutions (DFIs) and a syndicate of commercial banks have arranged financing of $1 billion to fund the development of an Azerbaijan offshore gas field feeding the Southern Gas Corridor from the Caspian to Europe.

Gunvor buys back bonds after Russia deals yield $1.7bn

Glencore shares slump to record low

Wilmar releases Q2 2015 financial report

ABN bolsters commodities division with senior hires
ABN bolsters commodities division with senior hires
Jonathan Bell
4 August 2015

ABN AMRO is continuing to strengthen its energy, commodities & transportation (ECT) division with two senior appointments. The bank has promoted Friso Koopmans as global head of energy commodities clients and appointed Rui Florencio as global head of metals commodities clients.

Bunge reports Q2 2015 results

OECD transparency regulation to prove taxing for big traders
OECD transparency regulation to prove taxing for big traders
Oliver Gordon
30 July 2015

If prizes were being dished out for corporate success since the turn of the millennium, the big commodity trading houses would be right up there at the front of the queue. In the last five years alone, the sector’s biggest players – Glencore, Vitol, Trafigura and Cargill – have doubled their combined annual revenues, which now stand on the verge of $1 trillion.

Cocobod’s success stands as an example for other African nations
Cocobod’s success stands as an example for other African nations
Jonathan Bell
30 July 2015

Jonathan Bell reviews this year’s Ghana Cocobod financing, analyses the record of pricing, and looks at the prospect of further value-added for African soft commodities.

JB's Industry Blog: 24 July 2015
JB's Industry Blog: 24 July 2015
Jonathan Bell
28 July 2015

TXF held its Africa afternoon conference last week with more than 80 guests joining to discuss CAPEX, ECA and Project Finance in Africa. We approached the topics from a slightly different angle: whether ECA finance was fit for purpose and how project finance could be made to work better in the region – rather than looking purely at shortcomings in the continent.

Gunvor Singapore increases annual RCF through accordion structure
Gunvor Singapore increases annual RCF through accordion structure
Jonathan Bell
27 July 2015

Gunvor Singapore, the wholly-owned subsidiary of the international commodity trading company, Gunvor Group, has increased its $911.7 million syndicated revolving credit facility (RCF) to $1.0627 billion by bringing in new banks under the RCF’s accordion structure.

Gunvor signs increased secured borrowing base facility for Middle East operations
Gunvor signs increased secured borrowing base facility for Middle East operations
Jonathan Bell
22 July 2015

International commodity trading company Gunvor Group has signed a $525 million secured uncommitted borrowing base facility for its operations in the Middle East. The facility was well supported in the market, with an increase of $105 million over the previous year’s facility.

AAG Energy secures $250 million RBL facility
AAG Energy secures $250 million RBL facility
Jonathan Bell
16 July 2015

Asian American Gas Holdings (AAG Energy) a leading and independent coalbed methane (CBM) producer in China, has secured a $250 million reserve-based lending (RBL) facility. The loan will be utilised by its wholly-owned subsidiary Sino-American Energy Incorporated (SAEI), acting as borrower.

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.