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Russian Copper Company successfully closes PXF
Russian Copper Company successfully closes PXF
Jonathan Bell
9 December 2013

Russkaya Mednaya Kompaniya (Russia Copper Company – RCC) has successfully closed its $250 million pre-export finance (PXF) facility. The facility is a five-year, copper cathode and copper wire rod PXF in favour of RCC. The facility, which launched in early October, is aimed at refinancing existing debt of the RCC group of companies and for working capital (TXF News 3 October).

JB's weekly round-up - 9 December 2013
JB's weekly round-up - 9 December 2013
Jonathan Bell
9 December 2013

tagmydeals is a free of charge, user-generated database covering deals in trade, export and project finance. Following months of consultation with many of you (something we really appreciate), we have built something that the industry will hopefully find new and genuinely useful.

IFC and SG combine to finance Cote d’Ivoire oil imports
IFC and SG combine to finance Cote d’Ivoire oil imports
Mayur Pande
6 December 2013

IFC and Société Générale CIB (SG CIB) have co-arranged a $300 million trade finance facility to fund crude oil imports into Cote d’Ivoire. The arrangement is for the Cote d’Ivoire’s only oil refinery and is designed to guarantee a steady supply of critical energy imports for the country and its landlocked neighbours.

Mechel arranges covenant holidays with lenders
Mechel arranges covenant holidays with lenders
Jonathan Bell
6 December 2013

Russian mining and metals company, Mechel, has agreed terms for covenant holidays with a group of international lenders and separately in relation to bilateral credit lines from Russia’s VTB Bank.

EBRD provides financing for Ukrainian agri-sector
EBRD provides financing for Ukrainian agri-sector
Mayur Pande
4 December 2013

The European Bank for Reconstruction and Development (EBRD) is providing a new debt facility to Ukrainian agribusiness producer Myronivsky Hliboproduct (MHP Group).

Gazprom-Neft signs mega club loan
Gazprom-Neft signs mega club loan
Mayur Pande
3 December 2013

Russian oil exploration and producing company, Gazprom-Neft, has signed a $2.15 billion club term facility agreement with a group of international banks. The heavily oversubscribed loan is one of the largest the company has ever achieved.

Gazprombank finances PDVSA Venezuelan JV
Gazprombank finances PDVSA Venezuelan JV
Jonathan Bell
3 December 2013

Russia’s Gazprombank has agreed to provide financing to an oil producing joint venture with Petróleos de Venezuela (PDVSA), the state-owned Venezuelan oil and natural gas company.

Gilles Sayer joins Essar group
Gilles Sayer joins Essar group
Dan Sheriff
29 November 2013

Structured commodity financier Gilles Sayer has joined Essar as managing director of Peak Trading Overseas, a wholly-owned subsidiary of Essar Global Fund. In this capacity, Sayer and his team will develop structured and trade finance solutions for the benefit of the natural resources companies controlled by Essar Global Fund.

Mechel receives first tranche for the Elga coal complex
Mechel receives first tranche for the Elga coal complex
Mayur Pande
28 November 2013

Russian mining and metals company Mechel, has received the first tranche of the project financing for the Elga Coal Complex’s first stage of development. The company is developing the project through the Elgaugol project company.

Mercuria signs Asian revolver
Mercuria signs Asian revolver
Jonathan Bell
26 November 2013

Mercuria Energy Trading and Mercuria Asia Group Holdings have signed, as joint borrowers, the group’s latest Asian-centred revolving credit facilities (RCF) finalised at $1 billion.

Rio Tinto signs refinancing facilities
Rio Tinto signs refinancing facilities
Jonathan Bell
22 November 2013

Rio Tinto, the world’s second largest mining company has signed new loan facilities amounting to $7.5 billion to refinance its existing bank debt. The new loan financing was arranged with a syndicate of 28 relationship banks.

Evraz secures mining funds through VTB Bank
Evraz secures mining funds through VTB Bank
Jonathan Bell
22 November 2013

Russian metals and mining company Evraz has signed loan agreements with VTB Bank for the development of its Urals iron ore mining operations. The borrower is Evraz’s Vysokogorsky GOK iron ore mining and processing plant, which will receive RUB700 million ($21 million) from VTB. The loans have a tenor of five-years. No detail has been released on the pricing of the loans.

Uralchem signs debut unsecured loan
Uralchem signs debut unsecured loan
Jonathan Bell
21 November 2013

Russian mineral fertiliser producer Uralchem has signed a new, $200 million, five-year unsecured syndicated loan. This is the debut unsecured syndicated loan for the Uralchem group.

Norsk Hydro signs revolving credit facility
Norsk Hydro signs revolving credit facility
Mayur Pande
18 November 2013

Metals and energy producer Norsk Hydro has signed a $1.7 billion syndicated revolving multi-currency credit facility with a syndicate of 13 international banks. The facility is for general corporate purposes.

Nomos-Bank secures loan for gold producers
Nomos-Bank secures loan for gold producers
Jonathan Bell
18 November 2013

Russia’s Nomos-Bank has secured a syndicated loan of $240 million from a group of foreign and Russian banks. The arrangement is the largest syndicate loan yet arranged for Nomos-Bank.

ABN appoints global head of energy
ABN appoints global head of energy
Dan Sheriff
14 November 2013

ABN AMRO has appointed Peter Boogers as global head of energy within the bank’s energy, commodities and transportation (ECT) business. Boogers is promoted from his previous position as head of risk management for the ECT, real estate and project finance portfolios in ABN’s large corporates and merchant banking division.

Ecom Agro poised to buy Armajaro trading arm
Ecom Agro poised to buy Armajaro trading arm
Jonathan Bell
13 November 2013

Swiss commodities trader Ecom Agroindustrial Corporation (Ecom) is in the process of buying Armajaro Trading, the trading arm of London-based commodity trading house and hedge fund group Armajaro Holdings.

Indonesia’s ENRG secures syndicated loan
Indonesia’s ENRG secures syndicated loan
Jonathan Bell
12 November 2013

Indonesian oil and gas production company Energi Mega Persada (ENRG) has secured a new $203 million syndicated loan facility. The loan facility will be used to settle most of the existing outstanding loan facility.

Bladex arranges PXF for Guatemalan sugar producer
Bladex arranges PXF for Guatemalan sugar producer
Mayur Pande
11 November 2013

Panama-based Banco Latinoamericano de Comercio Exterior (Bladex) has closed a $125 million syndicated pre-export finance facility in favour of Guatemalan-based Ingenio Magdalena SA (Imsa). The company is one of the largest sugar producers and exporters in Guatemala, and one of the largest exporters of refined sugar in Latin America.

Coal of Africa signs loan with Investec
Coal of Africa signs loan with Investec
Mayur Pande
4 November 2013

South African coal mining company, Coal of Africa Limited (CoAL), has signed an 18-month, R210 million (approximately $21.4 million) working capital facility from Investec Bank Limited (Investec). The principal terms of the loan include a margin of 500 basis points, pledge and cession of the shares and loan accounts in the major operating subsidiaries of the group.

First Quantum extends tenor of principal credit facility
First Quantum extends tenor of principal credit facility
Mayur Pande
30 October 2013

First Quantum Minerals (First Quantum) has secured an extension of the tenor, and an amendment of the terms under its existing $2.5 billion credit facility. The signing took place today through FQM (Akubra) Incorporated (FQM Inc), a wholly-owned subsidiary of First Quantum.

Brightoil Petroleum secures funds from CDB
Brightoil Petroleum secures funds from CDB
Jonathan Bell
30 October 2013

Hong Kong-listed Brightoil Petroleum (Holdings) has signed a $50 million loan agreement with China Development Bank Corporation (CDB) Hong Kong branch. The borrower of record is an unspecified wholly-owned subsidiary of the group.

Gunvor launches latest RCF
Gunvor launches latest RCF
Jonathan Bell
24 October 2013

Energy trading company Gunvor Group has launched its latest syndicated loan – a $1.2 billion revolving credit facility (RCF). The loan is in favour of Gunvor International BV and Gunvor SA. The launch is a part of Gunvor’s successful strategy to both expand and diversify its financing sources to support new investments and existing operations.

Brazil secures US Ex-Im support for agribusiness aircraft
Brazil secures US Ex-Im support for agribusiness aircraft
Phoebe Robertson
24 October 2013

The Export-Import Bank of the United States (US Ex-Im) is supporting the purchase of two American-manufactured agricultural aircraft by a Brazilian soybean and agribusiness, Jose Antonio Goncalves Viana (JAGV). The agribusiness will buy the aircraft from Air Tractor of Olney, Texas. The amount of the deal was not disclosed but is said to be a seven figure sum.

Fortune Oil secures loan facility
Fortune Oil secures loan facility
Mayur Pande
22 October 2013

Asia-focused Fortune Oil has signed a $300 million loan agreement. The new facility will be used to repay the existing syndicated loan, provide the Company with working capital, and finance new investment.

Ithaca signs extended RBL and corporate facilities
Ithaca signs extended RBL and corporate facilities
Jonathan Bell
18 October 2013

Oil development company, Ithaca Energy, has signed a new reserve based lending facility and a revolving credit facility amounting to $710 million. The new funds provide the company with extended and improved longer term senior bank debt financing facilities. The debt facilities are coupled together oil sales agreements.

Trafigura’s Asian RCF meets big market appetite
Trafigura’s Asian RCF meets big market appetite
Jonathan Bell
18 October 2013

Trading company Trafigura has successfully renewed its Asian syndicated revolving credit (RCF) and term loan facility at $1.76 billion. With significant pent-up demand for good transactions in the market, the deal met with strong interest from regional investors. The facility, which was oversubscribed, was initially launched at $1.2 billion.

Vitol attracts strong interest for latest RCF
Vitol attracts strong interest for latest RCF
Jonathan Bell
17 October 2013

Energy trading company Vitol has attracted strong interest from international banks resulting in the signing of its $7 billion revolving credit facility (RCF). These new facilities will be used for general corporate purposes and will refinance the company’s maturing $5.22 billion three-year RCF signed in October 2011, and its $782 million 364-day RCF signed in October 2012.

Sullivan & Worcester opens its London office
Sullivan & Worcester opens its London office
Jonathan Bell
16 October 2013

US law firm Sullivan & Worcester opened its London offices today. This is the first office for the law firm outside of North America. The London office is located at Tower 42 in the heart of the City of London.

Argentina’s Vicentin secures PXF facility through FMO
Argentina’s Vicentin secures PXF facility through FMO
Jonathan Bell
16 October 2013

Argentine agricultural producer Vicentin has signed a $100 million A/B loan agreement in a transaction led by FMO (the Netherlands Development Finance Company). Through this transaction Vicentin will be able to procure soybeans for the new crushing facility in Timbues, Argentina, which is a joint venture between Vicentin, Molinos Rio de la Plata and Glencore.

HSBC makes key trade appointments in Singapore and Sydney
HSBC makes key trade appointments in Singapore and Sydney
Dan Sheriff
14 October 2013

HSBC has made appointments in its commodities in Singapore and in payments and cash management in Sydney. In Singapore, the bank has appointed Woei Kuen Yeo as head of commodities and structured trade finance (CSTF), Singapore. Yeo joins HSBC from Credit Agricole where he was head of global commodities finance, Asia. He also has over 20 years of experience in Asia-Pacific in other leading institutions such as Standard Chartered, UOB, Rabobank and Fortis.

Noble Energy success with mega credit facility
Noble Energy success with mega credit facility
Jonathan Bell
11 October 2013

US-headquartered oil and gas exploration and development company, Noble Energy, has successfully arranged a new revolving credit facility (RCF) with a syndicate of international banks.

ABN AMRO targets Asian commodity SIP growth
ABN AMRO targets Asian commodity SIP growth
Jonathan Bell
11 October 2013

ABN AMRO is targeting growth in commodity structured inventory products (SIP) in Asia-Pacific with the launch of its first dedicated desk in Singapore. The services will be aimed at global and regional commodities clients of the bank’s energy, commodities and transportation (ECT) business.

PhosAgro opens trading arm in Singapore
PhosAgro opens trading arm in Singapore
Jonathan Bell
11 October 2013

Russian fertiliser producer PhosAgro has opened a trading arm in Singapore, opening of PhosAgro Asia, which will focus on sales of mineral fertilisers to countries in Asia and Africa, as well as Australia and New Zealand.

Banks arrange pre-payment for Trafigura’s Rosneft deal
Banks arrange pre-payment for Trafigura’s Rosneft deal
Jonathan Bell
4 October 2013

A bank syndicate has arranged a $1.5 billion pre-payment facility for trading company Trafigura, to be used for oil purchases in Russia. Trafigura will use the proceeds of the loan to make pre-payments to Russian state-owned oil company Rosneft

Russian Copper Company launches PXF
Russian Copper Company launches PXF
Jonathan Bell
3 October 2013

Russkaya Mednaya Kompaniya (Russia Copper Company – RCC) has launched a pre-export finance (PXF) facility of up to $250 million.

Ecom Agroindustrial signs revolver
Ecom Agroindustrial signs revolver
Jonathan Bell
3 October 2013

Swiss-headquartered agri-trading company Ecom Agroindustrial has signed its latest revolving credit facility (RCF), originally launched in August (TXF News 12 August).

Rusal appoints new CFO and reorganizes finance office
Rusal appoints new CFO and reorganizes finance office
Jonathan Bell
2 October 2013

Russian aluminium producer Rusal has made changes in its finance directorate and appointed a new chief financial officer (CFO).

Harris Antoniou appointed as CEO of AMCI
Harris Antoniou appointed as CEO of AMCI
Jonathan Bell
2 October 2013

Swiss-headquartered, specialist natural resource trading and transportation company, AMCI, has hired Harris Antoniou as its new chief executive officer (CEO), effective 1 October 2013.

Brazil secures US Ex-Im support for agribusiness aircraft
Brazil secures US Ex-Im support for agribusiness aircraft
Phoebe Robertson
1 October 2013

The Export-Import Bank of the United States (US Ex-Im) is supporting the purchase of two American-manufactured agricultural aircraft by a Brazilian soybean and agribusiness, Jose Antonio Goncalves Viana (JAGV). The agribusiness will buy the aircraft from Air Tractor of Olney, Texas. The amount of the deal was not disclosed but is said to be a seven figure sum.

Cambodia’s Golden Rice gets loan through Proparco
Cambodia’s Golden Rice gets loan through Proparco
Jonathan Bell
27 September 2013

French development finance institution Proparco has signed a $10 million loan with Golden Rice, the first jasmine rice exporter in Cambodia. The funds will be used to refinance the company’s industrial investments for 2012 – 2013.

ABN hires Mulder as global head of commodities
ABN hires Mulder as global head of commodities
Jonathan Bell
27 September 2013

ABN AMRO has hired Jan-Maarten Mulder and appointed him in the newly created role of global head of commodities. In addition to this, the bank has also made two other senior appointments within the commodities business (see below). The hire and appointments come as part of a reorganisation of the commodity teams at the bank, and a strengthening of the overall energy, commodities and transportation (ECT) business.

SG leads Ecom Agro Nicaragua financing
SG leads Ecom Agro Nicaragua financing
Jonathan Bell
26 September 2013

Société Générale CIB (SG CIB) has led a group of banks in the arranging of a revolving credit facility for Exportadora Atlantic in Nicaragua. The $130 million loan will be used for working capital purposes.

Wilmar secures oversubscribed loan facility
Wilmar secures oversubscribed loan facility
Mayur Pande
25 September 2013

Singapore-headquartered, agribusiness group Wilmar International has signed a $2.065 billion term loan facility with a syndicate of international banks. The facility was heavily oversubscribed.

Ghana Cocobod formally signs annual PXF
Ghana Cocobod formally signs annual PXF
Jonathan Bell
24 September 2013

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 secures new corporate loan
Essar Energy secures new corporate loan
Mayur Pande
24 September 2013

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.

Gunvor closes financing for flagship Russian oil terminal
Gunvor closes financing for flagship Russian oil terminal
Jonathan Bell
23 September 2013

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

Ukraine’s DTEK secures debut PXF financing facilities
Ukraine’s DTEK secures debut PXF financing facilities
Jonathan Bell
18 September 2013

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.

VEB approves loan for Mechel’s Siberian mega mine
VEB approves loan for Mechel’s Siberian mega mine
Mayur Pande
18 September 2013

The supervisory board of the Russian state development bank Vnesheconombank (VEB) has approved a $2.5 billion loan to Russian miner Mechel.

Reed Smith expands commodity finance team
Reed Smith expands commodity finance team
Mayur Pande
10 September 2013

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.