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Deutsche arranges landmark pre-payment for Tangsteel
Deutsche arranges landmark pre-payment for Tangsteel
Jonathan Bell
16 December 2013

Deutsche Bank, working together with steel trader Duferco, has arranged an $800 million structured steel pre-payment term loan facility for China-based Tangshan Iron & Steel Group (Tangsteel).

Lukoil signs export financing for Bulgarian refinery
Lukoil signs export financing for Bulgarian refinery
Jonathan Bell
13 December 2013

Russian oil and gas company Lukoil has signed an export finance package with a club of international banks for a major upgrade programme at its Bulgarian refining subsidiary Lukoil Neftochim Burgas. The project is one of the largest financings for a private company operating in the fuel and energy sector in Bulgaria.

Gunvor signs oversubscribed RCF
Gunvor signs oversubscribed RCF
Jonathan Bell
9 December 2013

Gunvor Group has signed a $1.515 billion revolving credit facility (RCF) for joint borrowers Gunvor International BV and Gunvor SA in a syndication which saw heavy oversubscription and a wide ranging group of banks.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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

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

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.

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.

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.

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.

Ocean Partners signs debut syndicated loan
Ocean Partners signs debut syndicated loan
Dan Sheriff
1 August 2013

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.