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Reliance signs landmark credit line with Japanese institutions
Reliance signs landmark credit line with Japanese institutions
Jonathan Bell
23 April 2014

Japanese banks, supported by the Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (Nexi) have signed export credit financing agreements with India’s Reliance Industries Limited (RIL) amounting to $550 million. The financing marks some new developments in export credit arrangements between Japan and RIL.

EBRD signs loan to support Ukrainian grain producers
EBRD signs loan to support Ukrainian grain producers
Jonathan Bell
22 April 2014

The European Bank for Reconstruction and Development (EBRD) has agreed to provide a loan of up to $40 million to over 30 farms and grain elevators across Ukraine owned by NCH New Europe Property Fund (NEPF).

Solena and BA partner for innovative jet fuel project
Solena and BA partner for innovative jet fuel project
Hesham Zakai
17 April 2014

Solena Fuels is to construct a new facility that transforms landfill waste into jet fuel with the support of British Airways. The facility, which will be the first of its kind in the world, will be built in the Thames Enterprise Park in Essex, UK.

JB's weekly round-up - 14 April 2014
JB's weekly round-up - 14 April 2014
Jonathan Bell
16 April 2014

The clocks have changed, the weather has brightened and tulips have started to bloom outside the gates of TXF Towers… A timely reminder that it is now three weeks until our Natural Resources and Commodities Finance Conference in Amsterdam.

Caracal Energy agrees to sell to Glencore Xstrata
Caracal Energy agrees to sell to Glencore Xstrata
Jonathan Bell
16 April 2014

Africa-focused oil exploration company Caracal Energy has agreed terms to sell to Glencore Xstrata. The deal is worth approximately $1.3 billion.

First Quantum signs term loan and revolver
First Quantum signs term loan and revolver
Jonathan Bell
16 April 2014

First Quantum Minerals (First Quantum) has signed and drawn down on its $2.5 billion, five-year term loan and revolving facility. The company has also completed a number of other financial optimisation/restructuring measures initially announced earlier this year.

Ecom Agroindustrial Asia closes increased revolver
Ecom Agroindustrial Asia closes increased revolver
Jonathan Bell
16 April 2014

Swiss-headquartered agricultural commodity trading group Ecom Agroindustrial Asia has closed its latest revolving credit facility (RCF), initially launched earlier this year.

Asanko Gold amends debt financing
Asanko Gold amends debt financing
Jonathan Bell
15 April 2014

Vancouver-headquartered, African miner Asanko Gold has agreed terms to amend its existing project debt facility with a special purpose vehicle of RK Mine Finance Trust I (Red Kite). The agreement allows the company to better implement its plans to develop Phase 1 of the Asanko Gold Mine (AGM) in Ghana, West Africa.

Glencore Xstrata sells Peru copper mine to Chinese consortium
Glencore Xstrata sells Peru copper mine to Chinese consortium
Jonathan Bell
14 April 2014

Glencore Xstrata, one of the world’s largest global diversified natural resource companies, has struck an agreement with a Chinese consortium to sell its entire interest in the Peruvian Las Bambas copper mine project for a total consideration of approximately $5.85 billion.

MRI Trading mandates ABN and ING for syndicated loan
MRI Trading mandates ABN and ING for syndicated loan
Jonathan Bell
14 April 2014

Swiss-headquartered commodity trader MRI Trading has mandated ABN AMRO Bank and ING Bank to arrange syndicated loan facilities totaling $110 million for the group.

Deutsche Bank: Banking innovation for sustainable supply chains
Deutsche Bank: Banking innovation for sustainable supply chains
Daniel Schmand
14 April 2014

How financial institutions can partner with consumer goods companies to help reduce deforestation

TXF Webinars: commodity traders concerned over regulation and finance
TXF Webinars: commodity traders concerned over regulation and finance
Dan Sheriff
11 April 2014

Hear commodity traders' views on finance and regulation, courtesy of Doug Ziurys of FImetrix

Norilsk signs unsecured loans with UniCredit and Raiffeisenbank
Norilsk signs unsecured loans with UniCredit and Raiffeisenbank
Jonathan Bell
10 April 2014

Russia’s Norilsk Nickel, the largest global nickel and palladium producer, has signed two bilateral credit agreements with Russian branches of Western banks totaling $750 million.

Enel signs long-term LNG supply contracts with Cheniere Energy
Enel signs long-term LNG supply contracts with Cheniere Energy
Jonathan Bell
9 April 2014

Italy’s Enel Group has signed two long-term liquefied natural gas (LNG) supply contracts with Cheniere Energy of the US, with gas sourced from shale gas fields, for a total of three billion cubic metres (billion cm) a year.

Caracal Energy secures loan for Chad operations
Caracal Energy secures loan for Chad operations
Jonathan Bell
8 April 2014

Canadian-based, oil exploration company Caracal Energy, through its wholly owned subsidiary PetroChad Mangara Limited, has signed a $140 million reserve based senior secured facility with a syndicate of lenders.

Tullow Oil signs and increases RCF
Tullow Oil signs and increases RCF
Jonathan Bell
8 April 2014

London-headquartered, Africa-focused, oil exploration company Tullow Oil has refinanced its $500 million corporate revolving credit facility (RCF) and successfully increased the size of the facility to $750 million.

Turkey’s Tiryaki Agro secures DFI and bank funding
Turkey’s Tiryaki Agro secures DFI and bank funding
Jonathan Bell
4 April 2014

Turkish agricultural processor and trader Tiryaki Agro Gida Sanayi Ve Ticaret (Tiryaki Agro) has arranged a $250 million financing through a combination of commercial and development financial institutions.

China’s Cofco buys stakes in Noble Agri and Nidera
China’s Cofco buys stakes in Noble Agri and Nidera
Jonathan Bell
3 April 2014

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 recruits to strengthen ECT origination
ABN recruits to strengthen ECT origination
Jonathan Bell
2 April 2014

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.

Henderson hired at Gunvor
Henderson hired at Gunvor
Dan Sheriff
2 April 2014

Experienced trade financier Ian Henderson has been hired as a consultant for Gunvor - the commodities trader.

Trade reshuffle at BNP Paribas
Trade reshuffle at BNP Paribas
Dan Sheriff
2 April 2014

BNP Paribas Corporate and investment Banking has created a new global trade and transaction banking business line, headed by Marc Carlos in Paris.

Cargill and Copersucar to combine global sugar trading activities
Cargill and Copersucar to combine global sugar trading activities
Jonathan Bell
1 April 2014

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.

Newmont Mining closes term loan and revolver
Newmont Mining closes term loan and revolver
Jonathan Bell
1 April 2014

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.

JB's weekly round-up - 31 March 2014
JB's weekly round-up - 31 March 2014
Jonathan Bell
31 March 2014

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 closes oversubscribed cut-price RCF
Trafigura closes oversubscribed cut-price RCF
Hesham Zakai
31 March 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.

Kazakh rail company gets EBRD funds for rolling stock
Kazakh rail company gets EBRD funds for rolling stock
Jonathan Bell
28 March 2014

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 closes Archer Daniels Midland trade securitisation
Finacity closes Archer Daniels Midland trade securitisation
Dan Sheriff
28 March 2014

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.

Trafigura revamps management team
Trafigura revamps management team
Hesham Zakai
26 March 2014

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 secures first significant yen loan
Trafigura secures first significant yen loan
Hesham Zakai
26 March 2014

Trafigura has negotiated its first significant loan in the Japanese currency, with the close of a JPY25.5 billion ($250 million) loan.

Banks jump onboard as Bunge revolver signs
Banks jump onboard as Bunge revolver signs
Jonathan Bell
24 March 2014

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 boosted by new credit facility
Stemcor boosted by new credit facility
Hesham Zakai
24 March 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.

Vitol turns to former UK energy minister Charles Hendry
Vitol turns to former UK energy minister Charles Hendry
Hesham Zakai
20 March 2014

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.

Metalloinvest signs PXF facility
Metalloinvest signs PXF facility
Hesham Zakai
20 March 2014

Russian iron ore producer Metalloinvest has signed a $1.15 billion pre-export facility with a number of international banks.

JP Morgan to sell physical commodities arm to Mercuria Energy
JP Morgan to sell physical commodities arm to Mercuria Energy
Jonathan Bell
19 March 2014

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.

Nordgold agrees Sberbank facility for refinancing
Nordgold agrees Sberbank facility for refinancing
Hesham Zakai
18 March 2014

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 to MIT's Paul Cohen Dumani
Jonathan Bell talks to MIT's Paul Cohen Dumani
Jonathan Bell
17 March 2014

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.

JB's weekly round-up - 17 March 2014
JB's weekly round-up - 17 March 2014
Jonathan Bell
17 March 2014

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.

Wilmar signs upsized RCF
Wilmar signs upsized RCF
Hesham Zakai
17 March 2014

Asia’s leading agribusiness group Wilmar has closed a $2.49 billion revolving credit facility (RCF) with a club of international banks.

Investor group formed to finance new Ghana Commodity Exchange
Investor group formed to finance new Ghana Commodity Exchange
Jonathan Bell
13 March 2014

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.

Magnolia LNG project moves forward with further FTA export rights
Magnolia LNG project moves forward with further FTA export rights
Jonathan Bell
7 March 2014

The US-based Magnolia LNG export project is moving forward with two major developments taking place this week.

Hindustan Petroleum signs syndicated facility
Hindustan Petroleum signs syndicated facility
Jonathan Bell
28 February 2014

Hindustan Petroleum Corporation (HPCL) has secured a $500 million three-year term loan through bookrunners State Bank of India, DBS and RBS

Ecom Agroindustrial Asia launches revolver
Ecom Agroindustrial Asia launches revolver
Jonathan Bell
28 February 2014

Swiss-headquartered agricultural commodity trading group Ecom Agroindustrial Asia has launched a $300 million, 364-day revolving credit facility (RCF) into the market.

Senegal agri-sector gets trade boost from IFC and BICIS
Senegal agri-sector gets trade boost from IFC and BICIS
Jonathan Bell
26 February 2014

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.

Bunge revolver in syndication
Bunge revolver in syndication
Jonathan Bell
24 February 2014

Agricultural producer and trading company Bunge is in the market with a three year, $1.75 billion revolving credit facility (RCF).

Trafi signs to take stake in Chinese copper smelter
Trafi signs to take stake in Chinese copper smelter
Jonathan Bell
21 February 2014

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 places pipe order as line gathers momentum
South Stream Transport places pipe order as line gathers momentum
Hesham Zakai
20 February 2014

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.

ED&F Man launches RCF into syndication
ED&F Man launches RCF into syndication
Jonathan Bell
20 February 2014

UK-headquartered specialist agricultural trader and broker ED&F Man has launched its annual revolving credit facility (RCF) into general syndication.

Keaton Energy secures financing facility from Investec
Keaton Energy secures financing facility from Investec
Hesham Zakai
19 February 2014

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.

Transbunker gains funds from VTB for oil terminal project
Transbunker gains funds from VTB for oil terminal project
Jonathan Bell
17 February 2014

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.

Lundin Petroleum signs largest European RBL yet
Lundin Petroleum signs largest European RBL yet
Jonathan Bell
14 February 2014

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.