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Freeport LNG secures project financing for third and final liquefaction train
Freeport LNG secures project financing for third and final liquefaction train
Dalia Gebrial
6 May 2015

The third subsidiary of the Texas Freeport LNG Expansion (Freeport LNG) project, FLNG Liquefaction 3 (FLIQ3), has successfully closed $3.692 billion worth of secured credit facilities from a group of 27 commercial banks.

JB's weekly round up - 29 April 2015
JB's weekly round up - 29 April 2015
Jonathan Bell
5 May 2015

TXF was globetrotting across multiple continents last week, with the team spread to Singapore and the ICC Banking Commission meeting, as well as Washington DC for the Export-Import Bank of the United States’s (US Ex-Im’s) annual conference. You can read a write up on the event here, and an update on the reauthorisation saga here.

Shell signs new $15 billion bridge loan for BG Group acquisition
Shell signs new $15 billion bridge loan for BG Group acquisition
Jonathan Bell
1 May 2015

Oil major Royal Dutch Shell has signed a new £10.07 billion ($15.24 billion) bridge credit facility with core relationship banks, as part of its financing related to the purchase of the UK’s gas production and distribution company BG Group.

NLMK Europe closes new working capital facility
NLMK Europe closes new working capital facility
Jonathan Bell
30 April 2015

Steel producer NLMK Europe Plate division, a part of NLMK Belgium Holdings group, has signed and closed a new working capital facility with four international banks.

Lundin Petroleum successfully secures ERF financing
Lundin Petroleum successfully secures ERF financing
Jonathan Bell
30 April 2015

Lundin Petroleum AB (Lundin Petroleum) has announced that its subsidiary Lundin Norway AS (Lundin Norway) has successfully secured a NOK4.5 billion ($596.6 million) financing facility.

IFC and RBS arrange loan facility for China Gas
IFC and RBS arrange loan facility for China Gas
Jonathan Bell
30 April 2015

International Finance Corporation (IFC) and The Royal Bank of Scotland (RBS) have jointly put together a $300 million financing package for China Gas Holdings (China Gas).

Ithaca Energy secures extended and simplified bank debt facilities
Ithaca Energy secures extended and simplified bank debt facilities
Jonathan Bell
30 April 2015

Oil and gas operator Ithaca Energy has executed extended and simplified bank debt financing facilities totalling $650 million. The company says the new arrangement provides significant funding headroom ahead of the first hydrocarbons from the Greater Stella area in the second quarter of 2016.

DTEK restructures its $200m Eurobond
DTEK restructures its $200m Eurobond
Paul Preugschat
30 April 2015

DTEK, the largest Ukrainian power company, has completed negotiations regarding the restructuring of its $200 million Eurobond, redemption for which was due in April.

Nidera finally closes $900 million revolver
Nidera finally closes $900 million revolver
Jonathan Bell
29 April 2015

Agricultural trading company Nidera has finally closed a $900 million revolving credit facility (RCF). The facility has been in syndication for over three months, having been launched initially back in late January.

Korean ECAs lead major project financing for Vale
Korean ECAs lead major project financing for Vale
Hesham Zakai
29 April 2015

The Export-Import Bank of Korea (Kexim) and Korea Trade Insurance Corporation (K-Sure) have finally signed a $5.5 billion Brazil-South Korea financing transaction for the Pecém Steel Company (CSP) project in Brazil, TXF has learned.

S&W Breakfast Briefing: When is a sale of commodities not a true sale?
S&W Breakfast Briefing: When is a sale of commodities not a true sale?
Dan Sheriff
28 April 2015

S&W Breakfast Briefing: When is a sale of commodities not a true sale?

Petrobras hit with $17 billion corruption fine
Petrobras hit with $17 billion corruption fine
Paul Preugschat
24 April 2015

Brazil’s state-run oil company, Petróleo Brasileiro (Petrobras), has been charged $2.06 billion for corruption-related costs and $14.8 billion for impairment in the country’s largest political bribery case.

Cofco makes float pledge as it looks to go global
Cofco makes float pledge as it looks to go global
Dalia Gebrial
22 April 2015

The Chinese state-run grain trading company China National Cereals, Oils and Foodstuffs Corporation (Cofco) has announced that it is intending to float within three-to-five years as it looks to become a global agricultural company.

Trafigura prices €550m Irish bond
Trafigura prices €550m Irish bond
Paul Preugschat
22 April 2015

Commodities powerhouse Trafigura Beheer BV (Trafigura) has successfully priced a €550 million bond issue under the company’s European Medium Term Note (EMTN) programme, with the help of joint bookrunners Bank of America Merrill Lynch, ING Bank, Natixis and Rabobank.

JB's weekly round up - 22 April 2015
JB's weekly round up - 22 April 2015
Jonathan Bell
22 April 2015

In what was the week’s largest financing, Brazilian state-run oil company Petrobras turned to Brazilian state-owned banks to secure much of its funding for 2015. With the capital markets closed off for the time being, the oil company announced that it had struck loan agreements totalling approximately $6.1 billion with three local banks and an international bank – in separate agreements – to meet its immediate funding requirements.

Uralkali signs PXF with significant upscale options
Uralkali signs PXF with significant upscale options
Jonathan Bell
21 April 2015

Russia’ Uralkali, one of the world’s largest potash producers, has signed a $530 million pre-export finance (PXF) loan agreement with eight international banks. The transaction is the first major loan for a Russian producer with international banks so far in 2015 and is a sign that lenders are keen to get back in the frame with prime Russian borrowers.

Petrobras secures state bank loans for 2015 funding
Petrobras secures state bank loans for 2015 funding
Jonathan Bell
17 April 2015

Brazilian state-run oil company Petroleo Brasileiro (Petrobras) has turned to Brazilian state-owned banks to secure much of its funding for 2015. With the capital markets closed off for the time being, the oil company announced today that it had struck loan agreements totalling approximately $6.1 billion

First ever CargoDocs BPO+ transaction completed successfully
First ever CargoDocs BPO+ transaction completed successfully
Jonathan Bell
17 April 2015

In a major milestone for global trade finance and cross-border payments, BHP Billiton, Westpac, Cargill and ANZ have achieved the first ever CargoDocs BPO+ transaction.

HFW boosts London commodities practice with partner hire
HFW boosts London commodities practice with partner hire
Jonathan Bell
14 April 2015

International law firm Holman Fenwick Willan (HFW) has boosted its commodities practice with the recruitment of Marc Weisberger, who has joins the firm world as a partner. He is based in London.

JB's weekly round up - 14 April 2015
JB's weekly round up - 14 April 2015
Jonathan Bell
14 April 2015

In one of the most hotly-anticipated deals of any given year, last week Hong Kong-headquartered commodity trading company Noble Group launched the syndication and arrangement of a $2.25 billion committed unsecured revolving credit facility (RCF). The company will apply all amounts borrowed under the facility for the refinancing of certain existing debts and for general corporate purposes.

Gunvor Singapore launches two-tranche RCF
Gunvor Singapore launches two-tranche RCF
Jonathan Bell
13 April 2015

Gunvor Singapore, a wholly-owned subsidiary of Swiss-based commodity trading company Gunvor Group, has launched a $550 million syndicated revolving credit facility (RCF). The loan will support new activities and existing operations in the Asia-Pacific region.

Ethiopia’s Afriflora Group secures IFC loan
Ethiopia’s Afriflora Group secures IFC loan
Jonathan Bell
13 April 2015

International Finance Corporation (IFC) has announced it will provide a loan to Afriflora Group, a leading large-scale rose grower and distributor based in Ethiopia that employs more than 9,000 workers, more than 80% of them women.

Singapore’s PV Keez secures internationally syndicated loan
Singapore’s PV Keez secures internationally syndicated loan
Dalia Gebrial
10 April 2015

The Singapore-based provider of floating production, storage and offloading (FPSO) vessel and related services PV Keez, has secured a $171 million syndicated loan from a team of international banks, TXF has learnt.

Video: Financing goods in and out of warehouses
Video: Financing goods in and out of warehouses
Dan Sheriff
10 April 2015

Partner Geoff Wynne and associates Hannah Fearn and Sam Fowler-Holmes of Sullivan & Worcester present the law firm's breakfast seminar on warehouse financing.

Uralkali set to defy odds with PXF by month’s end
Uralkali set to defy odds with PXF by month’s end
Oliver Gordon
9 April 2015

Russian potash producer Uralkali looks set to wrap up a new pre-export finance (PXF) facility by the end of April, TXF has learnt.

Noble Group launches $2.25 billion RCF
Noble Group launches $2.25 billion RCF
Jonathan Bell
9 April 2015

Hong Kong-headquartered commodity trading company Noble Group has launched the syndication and arrangement of a $2.25 billion committed unsecured revolving credit facility (RCF). The company will apply all amounts borrowed under the facility for the refinancing of certain of its existing debt and for its general corporate purposes.

JB's weekly round up - 8 April 2015
JB's weekly round up - 8 April 2015
Jonathan Bell
8 April 2015

This week, TXF, in partnership with tagmydeals, opened the voting for its 'Best in Class’ awards. There will be seven categories in Export & Agency Finance and six in Commodities Finance. To find the list of awards, along with the voting deadlines, click here.

KUFPEC tops up syndi loan with $1.5bn accordion
KUFPEC tops up syndi loan with $1.5bn accordion
Dalia Gebrial
8 April 2015

The Kuwait Foreign Petroleum Exploration Company (KUFPEC), a subsidiary of Kuwait’s national oil company Kuwait Petroleum Corporation, has exercised the $1.5 billion accordion feature under its existing $1 billion five-year term loan facility, which was signed in November 2014.

TXF launches Best in Class awards
TXF launches Best in Class awards
Dominik Kloiber
7 April 2015

TXF has launched its 'Best in Class’ awards in partnership with tagmydeals, aimed at recognising the top institutions in both the Commodities and Export & Agency Finance markets over 2014.

Nedbank teams with IFC and GAFSP to finance rice imports to Liberia
Nedbank teams with IFC and GAFSP to finance rice imports to Liberia
Jonathan Bell
7 April 2015

Nedbank has teamed with the International Finance Corporation (IFC) and the private sector window of the Global Agriculture and Food Security Programme (GAFSP) to gain support for the financing of agricultural commodity imports and exports with certain sub-Saharan African countries.

SeaMex seals landmark financing for Mexican energy project
SeaMex seals landmark financing for Mexican energy project
Dalia Gebrial
2 April 2015

SeaMex has secured a $750 million syndicated credit facility from a group of 13 international banks, TXF has learnt. The facility will allow the company to develop five oil rigs for Mexican state-owned oil firm Petróleos Mexicanos (Pemex).

Petrobras secures $3.5 billion from China Development Bank
Petrobras secures $3.5 billion from China Development Bank
Jonathan Bell
2 April 2015

Brazil’s state-run oil company Petroleo Brasileiro (Petrobras) has signed a $3.5 billion credit facility with China Development Bank (CDB). The deal comes at a particularly low point for Petrobras, with the highly indebted oil producer turning to China for funds

Saudi Aramco has made the most of its latest RCF
Saudi Aramco has made the most of its latest RCF
Jonathan Bell
1 April 2015

Many years ago, I smashed my leg up badly and had to hop and hobble around on crutches for many months. It was a time before the internet and mobiles etc, so the company I worked for then delivered work to my home in London as it was easier than me negotiating the transport system.

MIGA to insure Vitol investment in Ghanaian gas field
MIGA to insure Vitol investment in Ghanaian gas field
Dalia Gebrial
1 April 2015

Dutch commodities trader Vitol Holding (Vitol) is seeking to secure a $470 million guarantee from the Multilateral Investment Guarantee Agency (MIGA) for an equity investment in the Sankofa Gas Field) in Ghana.

JB's weekly round up - 1 April 2015
JB's weekly round up - 1 April 2015
Jonathan Bell
1 April 2015

Following on from the success of the 2014 debut of the Export Finance Global Survey, TXF and The International Chamber of Commerce (ICC) have teamed up once more to produce the latest edition of the study. The results will be incorporated into the ICC’s wider Global Survey on Trade Finance 2015. Your participation will contribute to the study and allow for a better understanding of the sector and its needs.

Historic trade agreement finally secured
Historic trade agreement finally secured
Dan Sheriff
1 April 2015

Earlier this week, pen was put to paper on a historic agreement that will see a new free trade agreement between Earth and other planets across the Solar System. The landmark agreement, entitled “The Inter-Planetary Export and Extraction Declaration (I-PEED)” will enable the establishment of trade flows between all members of the Solar System for the first time.

EBRD finances Kazakh copper and gold mine
EBRD finances Kazakh copper and gold mine
Jonathan Bell
31 March 2015

The European Bank for Reconstruction and Development (EBRD) is providing $100 million financing to a copper and gold mine in the Karaganda region of Kazakhstan. The funds will be used to develop more efficient production and reduce emissions and water use from the plant.

Trafigura signs oversubscribed $5.3bn European RCF
Trafigura signs oversubscribed $5.3bn European RCF
Dalia Gebrial
30 March 2015

Commodity trader Trafigura has signed a $5.3 billion multi-currency revolving credit facility (RCF) with a syndicate of 51 banks. Initially launched at $4.25 billion, the flagship facility for the trader’s European operations was heavily oversubscribed.

Saudi Aramco lands $10bn RCF
Saudi Aramco lands $10bn RCF
Dalia Gebrial
27 March 2015

Saudi Arabian oil company Saudi Aramco has signed a $10 billion standby revolving credit facility (RCF) agreement with a club of 27 banks. The RCF replaces the existing $4 billion agreement signed in 2010.

Louis Dreyfus appoints Asia head of trade finance
Louis Dreyfus appoints Asia head of trade finance
Jonathan Bell
26 March 2015

Commodity trading company Louis Dreyfus Commodities has appointed Vijay Anand Ramanujam as its new regional head of trade finance for Asia. He is based in Singapore.

APICORP secures $950 million shariah-compliant syndicated financing
APICORP secures $950 million shariah-compliant syndicated financing
Jonathan Bell
26 March 2015

Saudi Arabian-based investment company, the Arab Petroleum Investments Corporation (APICORP), has successfully secured new financing through a shariah-compliant syndication totalling $950 million. The transaction attracted significant appetite from regional and international financial institutions.

Mechel appoints new head of corporate finance
Mechel appoints new head of corporate finance
Jonathan Bell
26 March 2015

Russian mining and metals company Mechel has appointed Ekaterina Istratova as its new head of corporate finance. As such, Istratova returns to the company where she worked before becoming a banker, but this time as head of the department.

ABN strengthens ECT team with senior originator appointment
ABN strengthens ECT team with senior originator appointment
Jonathan Bell
26 March 2015

ABN AMRO has strengthened the sector focus of its energy, commodities & transportation (ECT) clients business with the appointment of Albena Vassileva. She has the title of senior originator in the sector origination team and will be responsible for financial sponsors coverage for ECT clients.

JB's weekly round up - 26 March 2015
JB's weekly round up - 26 March 2015
Jonathan Bell
26 March 2015

FIMBank group has recently announced its financial results for 2014, in which it posts a pre-tax loss of $53.43 million. This compares to a pre-tax loss of $6.4 million in 2013. The bank has also lost a number of senior personnel at the same time. Find out who, and much more, here. Despite this, the bank entitles its financial report for 2014 as “Positive outlook after high impact of impairments”.

Tullow Oil secures additional funds under its existing credit facilities
Tullow Oil secures additional funds under its existing credit facilities
Jonathan Bell
20 March 2015

Tullow Oil has today announced that it has in conjunction with its lending banks secured an additional $450 million financing under its existing credit facilities, as well as amending financial covenants under its reserve based lending (RBL) and corporate facilities.

FIMBank financial losses and departures, begs the question: which direction now?
FIMBank financial losses and departures, begs the question: which direction now?
Jonathan Bell
20 March 2015

FIMBank group has recently announced its financial results for 2014, in which it posts a pre-tax loss of $53.43 million. This compares to a pre-tax loss of $6.4 million in 2013. The bank has also lost a number of senior personnel at the same time. Despite this, the bank entitles its financial report for 2014 as “Positive outlook after high impact of impairments”.

First Quantum gets banks’ agreement to amend covenant
First Quantum gets banks’ agreement to amend covenant
Jonathan Bell
19 March 2015

Global mining company First Quantum Minerals has reached an agreement with its bankers to amend a covenant within its existing trade facilities. Making the announcement today, First Quantum says that the required threshold of syndicate banks have agreed to the changes requested by the company to the net debt to EBITDA

Glencore has senior exec reshuffle
Glencore has senior exec reshuffle
Dalia Gebrial
18 March 2015

Luis Alvarez, the veteran global head of crude oil trading at commodities titan Glencore, has retired, leaving a hole in the trader’s senior operations management structure.

Vitol veteran joins Cornerstone Global
Vitol veteran joins Cornerstone Global
Dalia Gebrial
18 March 2015

Cornerstone Global Commodities (Cornerstone) – the global brokerage firm specialising in energy derivatives – has recruited Duncan Preston from Swiss-based commodity trader Vitol.

EBRD helps fund Egypt’s agricultural commodities trade
EBRD helps fund Egypt’s agricultural commodities trade
Jonathan Bell
18 March 2015

The European Bank for Reconstruction and Development (EBRD) is providing a $20 million loan, to partly finance the working capital of Medsofts, a family-owned company based in Egypt, and one of the key agricultural commodity importers and supply chain managers in the country.