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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.

Trafigura Eurasia opens in Moscow
Trafigura Eurasia opens in Moscow
Jonathan Bell
5 September 2013

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.

EuroChem signs debut unsecured facility
EuroChem signs debut unsecured facility
Jonathan Bell
2 September 2013

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.

Angola’s Sonangol signs mega syndicated loan
Angola’s Sonangol signs mega syndicated loan
Mayur Pande
30 August 2013

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 Gas signs credit facility with EDC
China Gas signs credit facility with EDC
Jonathan Bell
30 August 2013

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).

Mexico’s Pemex and US Ex-Im employ capital market tools
Mexico’s Pemex and US Ex-Im employ capital market tools
Mayur Pande
29 August 2013

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

Olam US credit facility oversubscribed
Olam US credit facility oversubscribed
Jonathan Bell
28 August 2013

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

BNPP in landmark securitisation of commodity receivables
BNPP in landmark securitisation of commodity receivables
Jonathan Bell
27 August 2013

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.

UBS selects MIT's TRAC to support its commodity trade finance business
UBS selects MIT's TRAC to support its commodity trade finance business
Jonathan Bell
26 August 2013

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 secures mega syndicated loan
Australia’s Origin secures mega syndicated loan
Dan Sheriff
22 August 2013

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

Noble Corporation secures credit facility
Noble Corporation secures credit facility
Jonathan Bell
22 August 2013

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.

India’s Bhushan gets KfW loan
India’s Bhushan gets KfW loan
Dan Sheriff
21 August 2013

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.

Globe Specialty Metals enhances flexibility with refinancing
Globe Specialty Metals enhances flexibility with refinancing
Jonathan Bell
20 August 2013

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

Essar Steel seeks dollarisation of debt
Essar Steel seeks dollarisation of debt
Dan Sheriff
16 August 2013

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.

Trafigura closes North American revolver oversubscribed
Trafigura closes North American revolver oversubscribed
Jonathan Bell
16 August 2013

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.

Ecom Agroindustrial launches European revolver
Ecom Agroindustrial launches European revolver
Mayur Pande
12 August 2013

Swiss-headquartered agri-commodity trading company Ecom Agroindustrial Corporation has launched its European-focused revolving credit facility (RCF).

EBRD loan for Kazakh food producer
EBRD loan for Kazakh food producer
Jonathan Bell
9 August 2013

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.

Brazil’s Raizen signs PXF facility
Brazil’s Raizen signs PXF facility
Katy Rose
8 August 2013

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 agrees to provide bridge finance to Oyu Tolgoi
Rio Tinto agrees to provide bridge finance to Oyu Tolgoi
Dan Sheriff
8 August 2013

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.

Braskem signs trade credit facility
Braskem signs trade credit facility
Katy Rose
8 August 2013

Brazilian petrochemical products company Braskem has signed a $535 syndicated trade credit loan with a group of banks.

Metinvest appoints a new CFO
Metinvest appoints a new CFO
Jonathan Bell
2 August 2013

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

Noble secures LC and guarantee facility
Noble secures LC and guarantee facility
Mayur Pande
2 August 2013

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.

Gunvor’s Middle East borrowing base oversubscribed
Gunvor’s Middle East borrowing base oversubscribed
Dan Sheriff
1 August 2013

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.

Borrowing base facility secured for Gunvor’s German refiner
Borrowing base facility secured for Gunvor’s German refiner
Jonathan Bell
1 August 2013

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 jump on Cocobod annual PXF bandwagon
Banks jump on Cocobod annual PXF bandwagon
Dan Sheriff
1 August 2013

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.