The Ghana Cocoa Board (Cocobod) has formally signed its main annual pre-export financing (PXF) for the 2013/2014 cocoa crop season. The PXF has rumbled on over the past three months with final signing for an amount of $1.2 billion taking place on 20 September. The facility was initially heavily oversubscribed, but the arrangers scaled back offers under instruction from Cocobod who elected to only take $1.2 billion.
Essar Energy, the India-focused integrated energy company, has secured a new $300 million corporate loan facility from the Export-Import Bank of China (China Exim). The facility has a tenor of four years.
Energy trading company Gunvor has closed the $675 million long-term secured financing facility for the company’s flagship investment - the Ust Luga Oil Products Terminal in Russia. Jacques Erni, Gunvor’s chief financial officer, says: “We are very pleased with the outcome of the facilit
The Ukrainian integrated energy company DTEK has signed its debut pre-export financing (PXF) facility with VTB Capital. In a diversification of funding sources, the company has also signed a similar PXF agreement with a group of Western banks.
The supervisory board of the Russian state development bank Vnesheconombank (VEB) has approved a $2.5 billion loan to Russian miner Mechel.
International law firm Reed Smith has recruited experienced trade and commodity lawyer Jonathan Solomon to its partnership. Solomon will join the firm’s global energy and natural resources group, further strengthening its trade and commodities finance practice globally.
International commodities trading and logistics company Trafigura, has opened a new Russia-based business - Trafigura Eurasia, which the company sees as a vital cog in its operations and one that will bring new competition to the CIS region.
Russian fertiliser production company EuroChem has signed a $1.3 billion loan facility on a club basis. The transaction is unsecured, and as such is the company’s first deal of this kind in the international bank debt market.
Sonangol (Sociedade Nacional de Combustiveis de Angola), the Angolan state-owned oil producer, has signed a $2.5 billion syndicated loan with a 24-strong group of international banks.
China’s leading piped-gas operator, China Gas Holdings (China Gas) has signed a $250 million credit facility with Export Development Canada (EDC). The loan has a four-year tenor and carries an interest rate of three-month Libor plus 225 basis points (bp).
The Export-Import Bank of the United States (US Ex-Im) has authorized $1.5 billion of export financing for two transactions supporting the export of US goods and services to Petroleos Mexicanos (Pemex), Mexico's national oil and gas company. For the second time, Pemex will issue US Ex-Im-guaranteed bonds
Singapore-headquartered, agri-products producer and trading company Olam International (Olam) has signed a $400 million revolving credit facility (RCF), in a syndication which saw the facility heavily oversubscribed. Olam signed the RCF for its US subsidiary Olam Holdings Partnership. The three-year facility
BNP Paribas (BNPP) has completed a securitisation of commodity trade finance loan receivables, in a $131.6 million transaction through the special platform Lighthouse Trade Finance Issuer. The transaction is a first of its kind in the trade market where the debt issuance is backed by commodity loan receivables, and as such opens up a new funding route for commodity trade finance.
Swiss banking group UBS has selected TRAC (Trade Risk Active Control) – developed by software company MIT – to support its fast growing commodity trade finance (CTF) business. The bank is understood to have chosen this particular software system after considering several other options.
Australia’s Origin Energy (Origin) has successfully secured and signed a $7.4 billion bank loan facility with a syndicate of domestic and international banks. The facility has terms of four and five years and will mature in August 2017 and August 2018. Pricing and fee details
Offshore drilling contractor Noble Corporation has signed a $600 million unsecured revolving credit agreement with a syndicate of banks. Noble Cayman is the borrower of record under the terms of the $600 million, one-year facility, which allows for up to $50 million to be available for swingline loans.
KfW IPEX-Bank has arranged a €170 million ($227.5 million) loan for the Indian steel manufacturer Bhushan Power & Steel Limited (BPSL). The financing will be used for the Bhushan - Phase VI project at the company’s plant in Orissa. The funds will finance equipment and supplies from companies in Germany, Luxembourg and Italy.
US-headquartered Globe Specialty Metals has refinanced its existing $300 million credit facility with a syndicate of banks led by Providence-based RBS Citizens Bank, and co-led by PNC Bank and Wells Fargo Bank, as joint bookrunning mandated lead arrangers. : BBVA Compass joined as an MLA
India’s Essar Steel is looking to the trade finance and syndicated loan market to convert much of its existing debt to dollars. The company is hoping that pre-export finance loans will be able to be used for this purpose.
Commodity trading company Trafigura AG has closed its North American secured syndicated revolving credit facility (RCF) at $1.385 billion following strong demand. Trafigura AG is a wholly-owned subsidiary of Trafigura Beheer BV.
Swiss-headquartered agri-commodity trading company Ecom Agroindustrial Corporation has launched its European-focused revolving credit facility (RCF).
The European Bank for Reconstruction and Development (EBRD) is providing a $25 million loan to RG Brands, a food and beverage producer in Kazakhstan. The loan, which is available both in tenge and US dollars will support the company’s growing working capital needs to purchase raw materials and expand its presence in Kazakhstan and neighbouring countries.
Brazilian sugar and ethanol producer Raizen Energia has signed a $100 million pre-export finance (PXF) facility. The proceeds of the loan will be used to finance the advance payment for future exports of sugar.
Rio Tinto and Turquoise Hill Resources (Turquoise Hill) have signed an agreement under which Rio Tinto will provide Turquoise Hill with a financing package to enable it to fund the continuing development of the Oyu Tolgoi mine in Mongolia and, if necessary, to refinance its existing indebtedness to Rio Tinto by the end of the year.
Brazilian petrochemical products company Braskem has signed a $535 syndicated trade credit loan with a group of banks.
Russian steel producer and mining group Metinvest has appointed Aleksey Kutepov as its new chief financial officer (CFO). As CFO he replaces Sergiy Novikov, who will continue to work within the Metinvest Group. Novikov has been CFO since Metinvest was founded in 2006. He built the financial processes inside the group, oversaw the group’s debut Eurobond issue, and supported a number of M&A transactions
Hong Kong-headquartered commodity and logistics company Noble Group has concluded a $505 million, two-year committed revolving letter of credit and guarantee facility with a 10-strong bank syndicate.
Energy trading company Gunvor Group - comprising Gunvor SA, Gunvor Middle East DMCC and Gunvor Singapore - has signed $400 million secured uncommitted borrowing base facilities. The facilities initially launched at $300 million and as such were significantly oversubscribed. After scaling back, Gunvor elected to take $400 million.
Energy trader Gunvor has signed a new $500 million borrowing base, revolving credit facility to finance the working capital needs of the company’s refinery in Ingolstadt, Germany.
Banks have come in strongly into the syndication for the annual Ghana Cocoa Board (Cocobod) pre-export finance (PXF) facility over the last couple of weeks – so much so that it has been oversubscribed by 75%. The funds will pre-finance cocoa bean purchases for the 2013-2014 crop. Given the length of the crop cycle, the deal should be seen as a seven to nine month transaction – as opposed to a full year.
UK-headquartered metals trading company Ocean Partners has signed a $160 million loan, in what is the company’s first foray into the syndicated loan market. The funds will be used to support the purchase, storage, blending, sale and related margin financing of metal concentrates as well as to refinance existing debt. The financing fully covers the company’s blending and trading activities in Taiwan.
ABN AMRO has completed the purchase of the small privately owned commercial Brazilian bank Banco CR2. The purchase is significant for ABN and the market as it gives the Dutch bank an onshore operating base in the country for its commodity financing activities.
Colorado, US-headquartered oilfield services company Concord Energy Holdings has signed a new $180 million, one-year revolving credit facility. The funds will be used to amend and extend an existing $235 million facility signed in August 2012.
JP Morgan looks set to exit from trading in physical commodities – its oil, gas, power and metals trading divisions. The move comes following an announcement by the bank that it is pursuing strategic alternatives, including the sale, spinoff, or strategic partnership of its commodities business, after an internal review.
The facility signed amounts to $600 million, and carries a tenor of one-year. This new arrangement amends an existing $1.15 billion facility signed in second quarter 2012.
Commodity trading company Trafigura has launched a new $1.2 billion, one-year revolving credit facility into syndication. The loan is Asia-Pacific focused. The loan will refinance an existing $1.025 billion credit facility signed on 9 October 2012, and a $229 million term loan signed in October 2010.
Canadian-headquartered Endeavour Mining Corporation (Endeavour) has signed a new agreement increasing its revolving corporate loan facility from $200 million to $350 million, with the term extended to five years.
Swiss-headquartered energy trading company Gunvor has signed a deal with the government of Gabon to create a joint venture to sell and distribute refined petroleum products in West Africa.
FX Energy has finalised a new five-year, up to $100 million senior reserve based lending facility. BNP Paribas (BNPP) acted as coordinating mandated lead arranger. ING Bank, present in FX Energy’s previous syndicated financing, acted as mandated lead arranger.
Bank of America Merrill Lynch (BofAML) has named Jennifer Boussuge as head of global transaction services (GTS) for EMEA (Europe, Middle East, Africa). This is an internal appointment with Boussuge having worked for the bank for the past 19 years – most recently as head of global sales, GTS.
Swiss-headquartered Mercuria Energy Trading has signed its latest revolving credit facilities totalling $1.8 billion. The transaction was signed on 1 July, 2013.
Oil producer Shoreline Natural Resources (Shoreline) in Nigeria has secured a refinancing facility which gives it better terms, structure and a longer tenor over an existing bridge loan facility. The refinancing is structured as a five-year $500 million senior secured revolving reserves based lending (RBL) facility. The new facility can be increased up to $600 million.
The Netherlands-based arm of energy trading company BB Energy has secured a revolving credit facility (RCF) arranged by relationship banks. The $125 million, one-year facility is believed to be the first financing of this kind for the company.
Celulosa Arauco y Constitucion, the Chilean wood pulp and forestry products company has signed a medium-term loan with direct support from Export Development Canada (EDC).
Standard Chartered (StanChart) and the Development Bank of the Netherlands (FMO) have signed a loan agreement to provide agri-producer Aviv Tanzania (ATL) with a $21 million term loan facility.
Agri-commodity producer, processor and trader Olam International has secured a senior loan of $80 million from the African Development Bank (AfDB). The loan., which will be made in local currencies, is for Olam Africa Investment Programme (OAIP) to deepen the integration of Olam group’s agricultural value chain by investments in processing of wheat and palm oil in Africa. The programme includes five sub-projects in Cameroon, Ghana, Mozambique and Senegal.
US-headquartered energy trader Castleton Commodities International (CCI) has secured a $850 million revolving credit facility through a 17-strong bank syndicate. The facility was led by BNP Paribas (BNPP), Credit Agricole CIB, Société Générale CIB (SG CIB), Standard Chartered and The Bank of Tokyo-Mitsubishi UFJ (BTMU) acting as bookrunning mandated lead arrangers.
Grain trading company Nidera has signed its annual revolving credit facility, which saw strong interest from relationship banks. The Rotterdam, Netherlands-headquartered agri trader finalised the facility at $800 million. The loan has an 18-month tenor. The funds will be used for general working capital trade-related purposes.
Following on from Vitol’s pre-payment financing with Rosneft earlier this year for the supply of crude oil and petroleum product supplies, the trading company and the Russian producer have now agreed heads of terms regarding cooperation in a new sphere – liquefied natural gas (LNG).
At the St Petersburg International Economic Forum in mid-June, commodity trading company Trafigura signed a five year contract with a pre-payment to supply crude oil and petroleum products with Russian oil company Rosneft.
TXF PRI: Trade, Commodity & Export Finance is taking place this February. Delve into the local market and make high-level contacts that might just lead to your next deal...
This virtual event will address those challenges head-on. We want to create an atmosphere that is inspiring and ideas led, that demonstrates the art of the possible for the export finance community.
Uniting the key players and deal makers across the Americas. This is your chance to stay connected and ahead of the curve!
Join us while we are looking into the commodity finance sector for the Asia Pacific region. Connect with key players and hear about current and future deals.
The destination for African export & project finance. Come together with deal makers across the region for virtual networking opportunities second to none .
TXF is introducing the 'Financing the Energy Transition' event, focusing on the latest updates and future plan of the energy transition.
Proud to be bringing back TXF Global Commodity Finance, a must-attend event for the commodity finance community.
TXF invites you to join a dynamic group of export finance professionals to plot your ideas on where we're heading and how to get there
Fasten your seatbelt for the second leg of the ultimate export finance world tour, with stop-offs at Asia, Mena, Europe, Africa, and the Americas
This year's global trade virtual event will look into the impact of covid-19 to the market and explore new opportunities
Calling all changemakers in export finance! Join us to plot your ideas about diversity, sustainability and inclusion in the industry. If you are here to make a difference you are in the right place!
Your largest export, agency & project finance event returns to Madrid for 2021 after a 2020 virtual extravaganza! Industry renowned as the go-to for global export finance. Let the deal-making begin!
We are delighted to bring back this senior-level virtual event dedicated to the MENA region! Examine the regions' key trends and future opportunities whilst networking in a safe space.
A key event in the export, agency & project finance event calendar for senior and influential professionals working across the Asia-Pacific region. Networking and deal opportunities abound!