China National Cereals, Oils and Foodstuffs Corporation (Cofco) has struck an agreement with Hong Kong-headquartered commodity trading company Noble Group to buy a 51% in its agricultural trading arm Noble Agri.
ABN AMRO has made two hires to strengthen its sector origination capabilities for its energy, commodities and transportation (ECT) clients. The move takes place as the bank looks to further build its dedicated advisory services for cross-border corporate activity in these sectors.
Experienced trade financier Ian Henderson has been hired as a consultant for Gunvor - the commodities trader.
BNP Paribas Corporate and investment Banking has created a new global trade and transaction banking business line, headed by Marc Carlos in Paris.
Agri-trading company Cargill and Brazilian sugar and ethanol producer have reached agreement to combine their sugar trading activities in a new joint venture company.
Canadian-headquartered Newmont Mining Corporation has closed its $575 million term loan and $3 billion revolving credit facility (RCF). In the process the company has secured better terms of flexibility and maturity.
We are delighted that Doug Ziurys of FImetrix will be presenting the results of his annual survey of commodity traders during a live webinar on 10 April 2014.
Trafigura has successfully closed its key European revolving credit facility (RCF) at $4.735 billion – an increase from the $4 billion the facility was launched at despite the significant reduction in pricing the global commodities trader managed to secure.
The European Bank for Reconstruction and Development (EBRD) has signed to provide Kazakhstan rail company JSC Olzha with a new loan of $9 million, for the purchase of rolling stock.
Finacity, the trade receivables securitisation specialist, has closed a new securitisation programme with agricultural processing company Archer Daniels Midland (ADM). The programme will provide ADM with cash proceeds of up to €280 million ($380 million) through the on-going purchase of receivables.
Global commodities trader Trafigura has announced that company co-founder and chairman Claude Dauphin has stepped down from his role as chief executive officer, with former head of mining and market risk Jeremy Weir replacing him.
Trafigura has negotiated its first significant loan in the Japanese currency, with the close of a JPY25.5 billion ($250 million) loan.
Agricultural producer and trading company Bunge has signed its three year, $1.75 billion revolving credit facility (RCF). The transaction was initially launched in February 2014 (TXF News 24 February 2014).
Stemcor has secured a $1.15 billion syndicated loan from five lenders in what could be a major boost for the British steel trader. The facility follows a high court ruling last month that allowed Stemcor to restructure its $1.3 billion debt – despite a court challenge from one of its creditors.
Swiss energy-trader Vitol has appointed Charles Hendry, Conservative MP for Wealden and a former energy minister, as a consultant on a part time basis. Hendry will provide advisory services on UK and EU energy policies.
Russian iron ore producer Metalloinvest has signed a $1.15 billion pre-export facility with a number of international banks.
JP Morgan has reached a definitive agreement to sell its physical commodities business to Mercuria Energy for $3.5 billion. The all cash transaction is expected to close in the third quarter of 2014, subject to regulatory approvals.
Russian gold producer Nordgold has agreed a five-year $500 million loan facility with Sberbank which it will use to repay its existing debt facilities of $465.5 million.
Jonathan Bell talks with Paul Cohen Dumani, general manager of MIT, about the company’s highly successful commodity finance collateral management software system for banks – TRAC.
We are delighted to announce the results of our “Perfect 10” – the 2013 Deals of the Year. We received in excess of 150 submissions and so whittling so many fantastic deals down to just 10 was a real challenge. Of our winners, 4 were commodity finance transactions, and 6 were export finance or at least had a significant ECA component.
Asia’s leading agribusiness group Wilmar has closed a $2.49 billion revolving credit facility (RCF) with a club of international banks.
An initiative, announced today, could soon see the establishment of the new Ghana Commodity Exchange (GCX). And beyond this, there is the potential for the GCX to become a West African hub.
The US-based Magnolia LNG export project is moving forward with two major developments taking place this week.
Hindustan Petroleum Corporation (HPCL) has secured a $500 million three-year term loan through bookrunners State Bank of India, DBS and RBS
Swiss-headquartered agricultural commodity trading group Ecom Agroindustrial Asia has launched a $300 million, 364-day revolving credit facility (RCF) into the market.
The IFC has launched a risk-sharing facility with Banque Internationale pour le Commerce et l’Industrie du Sénégal (BICIS) that will improve access to finance for the agribusiness and trade sectors in Senegal.
Agricultural producer and trading company Bunge is in the market with a three year, $1.75 billion revolving credit facility (RCF).
In a strategic move, commodity trader Trafigura together with Trafigura Investment (China) has signed an agreement to acquire a 30% equity stake in the Jinchuan Group's newly established copper smelter in Fangchengang, China.
South Stream Transport (SST) has placed an order for 75,000 12-metre pipes to be used in the construction of the South Stream pipeline in a sign of the project’s increasing momentum.
UK-headquartered specialist agricultural trader and broker ED&F Man has launched its annual revolving credit facility (RCF) into general syndication.
Keaton Energy, the South African coal mining and development company, has concluded a R350 million ($32 million) financing facility from Investec Bank, of which R300 million ($27.5 million) is a term loan and R50 million ($4.5 million) is a working capital facility.
VTB Bank has signed a $17 million corporate loan for Russian bunkering company Transbunker Group. The funds will be used for general working capital and to acquire assets for production expansion.
Swedish-headquartered upstream oil firm Lundin Petroleum has signed a $4 billion reserve-based lending (RBL) facility. The new Lundin RBL is believed to be the largest RBL ever arranged for an upstream oil and gas company in the European market.
Sberbank Corporate & Investment Banking (CIB) together with SB Sberbank has arranged financing for Kazakhstan’s Maten Petroleum. The funds will be used for the company’s general corporate and trade purposes.
Commodity trader Trafigura has announced its intention to invest in and build its regional hub in Montevideo, Uruguay, to complement regional offices already established in Houston, Geneva and Singapore. The Montevideo office will become the group’s Latin American (LatAm) regional hub.
Russian oil and gas producer Gazprom Neft’s board of directors has been reviewing the company’s debt structure, with a view to the optimisation of raising funds.
Commodity trader Trafigura is understood to have secured a significant reduction on the pricing of its $4 billion revolving credit facility (RCF) currently in the market. However, despite the reduction from last year’s RCF, banks are understood to be flocking to the deal.
Russian coal mining company Siberian Coal Energy (Suek) has secured a five-year, $1.5 billion syndicated pre-export finance (PXF) facility. The deal was signed on 28 January 2014.
First Quantum Minerals (First Quantum) has formally mandated banks to arrange a new $2.5 billion five-year term loan and revolving credit facility. The company has also announced today other optimisation measures of its capital structure.
The European Bank for Reconstruction and Development (EBRD) and HSBC Egypt have combined to provide a $100 million financing facility for independent Egyptian exploration and development company Improved Petroleum Recovery (IPR).
The Banking Environment Initiative (BEI) has set out trade financing solutions aimed at increasing sustainability in the commodity trade sector, in a report entitled ‘Sustainable Shipment Letter of Credit’ released on 24 January.
Houston-headquartered, specialist oil exploration company Pacific Drilling has appointed Paul Reese to the role of chief financial officer (CFO), effective 28 February 2014.
Singapore-headquartered agri-group Wilmar International has mandated the banks for the launch of its new $1.75 billion revolving credit facility (RCF) syndication.
Standard Chartered (StanChart) Vietnam has signed a $70 million trade facility agreement with An Giang Plant Protection (AGPPS) to allow the agricultural business to develop its paddy field purchase model in south-west Vietnam.
Russian mineral fertiliser producer Uralchem OJSC has secured a new mega-loan amounting to $4.5 billion. A major part of the loan will be used to pay for the purchase of an approximate 20% stake in the Russian potash producer Uralkali.
Russian fertiliser production company Uralkali has signed an unsecured, non-revolving $2 billion credit line with Sberbank. The credit line will be open from 1 February to 31 December 2014. The facility has a five-year tenor, maturing on 18 December 2019. No detail has been released on pricing.
Puma Energy (Australia) has finally closed the A$460 million ($412 million) financing for its acquisitions of Ausfuel Gull, Neumann Petroleum and Central Combined Group. The moves to acquire these interests began earlier in 2013.
Dana Petroleum has secured a new $1.5 billion credit facility from a syndicate of international banks.
ING Corporate Bank has named Anthony van Vliet as the new global head trade & commodity finance (T&CF). He takes over from Paul van Heerde who has been in charge since 1 April 2006. Van Heerde retires at the end of 2014, after a successful career of 28 years at ING
Russian iron ore mining and metals company Metalloinvest has signed a new agreement with Sberbank to refinance existing debt. Metalloinvest and Sberbank signed the agreement on refinancing existing credit facilities, which were earlier provided by the bank to the company. The new facilities significantly improve the company’s debt maturity schedule.
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The climax to Geneva commodities week, TXF Geneva brings together the European commodity finance market for an unparalleled two days of thought leadership, networking and education.