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ING appoints James and Puijpe as co-heads of Structured Finance Americas
17 September 2015

Commodity finance failing to deliver
Commodity finance failing to deliver
Oliver Gordon
10 September 2015

A funding crisis is developing in the commodities market as producers and traders, particularly of the small and mid-sized variety, struggle to access the type and volume of finance they were able to ten years ago, according to a new trade-finance report from international law firm Clyde & Co.

EuroChem signs $750 million PXF club facility
EuroChem signs $750 million PXF club facility
Jonathan Bell
9 September 2015

The Swiss-headquartered Russian agrichemical EuroChem Group AG has signed a $750 million pre-export finance facility with a club of leading international banks. The funds will be used to refinance part of its debt as well as for capital expenditure and other general corporate purposes.

Glencore halts trading ahead of plan to cut $30 billion debt
9 September 2015

 Bladex leads $102 million secured loan for Ecuador agri-company Favorita
Bladex leads $102 million secured loan for Ecuador agri-company Favorita
Jonathan Bell
9 September 2015

Banco Latinoamericano de Comercio Exterior (Bladex) has arranged and closed a $102 million, syndicated loan in favour of companies belonging to the Favorita Group; a leading Ecuadorian agribusiness conglomerate with diversified business activities including bananas, dairy, and fertilisers. The transaction marks the largest syndicated loan for Favorita and successfully broadens the company´s pool of bank relationships.

ITFC signs $3 billion commodity trade import framework with Jordan
ITFC signs $3 billion commodity trade import framework with Jordan
Jonathan Bell
8 September 2015

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) group, has signed a $3 billion umbrella financing framework agreement with the government of Jordan. The funds will be used to finance the import of strategic commodities – such as energy products and foodstuffs - into Jordan.

JB's Industry Blog: August 28
JB's Industry Blog: August 28
Jonathan Bell
28 August 2015

Ahoy there me hearties! As a lover of the open seas, ships and all things maritime in general, I’m stuck in a seafaring lingo groove following my excursion to the Netherlands for a day out on the water during SAIL Amsterdam.

ECOM Agro launches syndication of $450 million revolving credit facility
ECOM Agro launches syndication of $450 million revolving credit facility
Jonathan Bell
27 August 2015

Swiss-headquartered commodity trader ECOM Agroindustrial Corporation (ECOM) has mandated banks to act as arrangers and bookrunners for the launch of its $450 million syndicated revolving credit facility (RCF).

EBRD arranges $130 million loan for Ukraine grain producer Nibulon
EBRD arranges $130 million loan for Ukraine grain producer Nibulon
Jonathan Bell
24 August 2015

The European Bank for Reconstruction and Development (EBRD) is arranging a $130 million syndicated loan facility in support of Ukraine’s leading grain and oilseeds trader and producer Nibulon. The bulk of the financing is coming from the commercial bank sector.

Singapore's Jurong Aromatics said in debt talks after oil plunge
19 August 2015

Glencore's half-year earnings fall, sees lower capex next year
19 August 2015

Can Ivan Glasenberg dig Glencore out of trouble this time?
18 August 2015

Can Ivan Glasenberg dig Glencore out of trouble this time?
18 August 2015

Deutsche Bank closes €300 million borrowing base facility for VDM Metals
Deutsche Bank closes €300 million borrowing base facility for VDM Metals
Jonathan Bell
17 August 2015

Deutsche Bank has closed a €300 million ($334 million) borrowing base facility for the German metal production company VDM Metals Group (VDM). Acting as the coordinating bank, Deutsche has arranged the syndicated facility to enable VDM to secure working capital following the sale of the group from ThyssenKrupp to private equity firm Lindsay Goldberg.

Glencore braced to reveal huge drop in profits
17 August 2015

Olam quarterly profit triples as food unit earnings advance
17 August 2015

KAZ Minerals signs $50 million credit facility with Caterpillar
KAZ Minerals signs $50 million credit facility with Caterpillar
Jonathan Bell
14 August 2015

Kazakhstan-focused copper production company KAZ Minerals has signed a new $50 million revolving credit facility (RCF) with Caterpillar Financial Services (UK) (Cat Financial), a subsidiary of Caterpillar Incorporated.

Export finance market declines on project and aviation finance slump
Export finance market declines on project and aviation finance slump
Oliver Gordon
14 August 2015

Export finance volumes in the first half of 2015 have tumbled by 28% year-on-year, and by 35% compared to the second half of last year, TXF’s H1 Export Finance Report revealed this week. The reduction in large project and aviation finance deals has been cited as a key reason for the market drop-off.

JB's Industry Blog: August 14
JB's Industry Blog: August 14
Jonathan Bell
14 August 2015

If you love international trade, then you surely must love ships. I certainly do. And maybe that’s not surprising as I was born in Sunderland – a town that many years ago used to be well-known for shipbuilding.

PGNiG Upstream International secures $400 million financing
PGNiG Upstream International secures $400 million financing
Jonathan Bell
13 August 2015

PGNiG Upstream International (PUI), a subsidiary of Polish oil and gas group PGNiG, has signed a $400 million credit facility agreement with eight international banks. The main use of proceeds from the facility will be the early repayment of some of PUI’s outstanding debt, including the entire debt contracted to finance the acquisition of assets from Total E&P Norge in 2014.

Glencore's trading profit at risk from rout in commodities
11 August 2015

Gazprom Marketing and Trading secures $500 million RCF
Gazprom Marketing and Trading secures $500 million RCF
Jonathan Bell
10 August 2015

Gazprom’s UK-based subsidiary, Gazprom Marketing & Trading (GM&T) has signed a 364-day $500 million syndicated revolving credit facility (RCF).

Noble looks to reassure investors with independent PwC reports
Noble looks to reassure investors with independent PwC reports
Jonathan Bell
10 August 2015

Hong Kong-headquartered, commodity trading house Noble Group has today made public the conclusions and results of the PricewaterhouseCoopers (PwC) review of Noble's mark-to-market (MTM)* models, valuations and governance framework.

DFIs and commercial banks arrange financing for Azeri offshore gas field
DFIs and commercial banks arrange financing for Azeri offshore gas field
Jonathan Bell
7 August 2015

Development financing institutions (DFIs) and a syndicate of commercial banks have arranged financing of $1 billion to fund the development of an Azerbaijan offshore gas field feeding the Southern Gas Corridor from the Caspian to Europe.

Gunvor buys back bonds after Russia deals yield $1.7bn

Glencore shares slump to record low

Wilmar releases Q2 2015 financial report

ABN bolsters commodities division with senior hires
ABN bolsters commodities division with senior hires
Jonathan Bell
4 August 2015

ABN AMRO is continuing to strengthen its energy, commodities & transportation (ECT) division with two senior appointments. The bank has promoted Friso Koopmans as global head of energy commodities clients and appointed Rui Florencio as global head of metals commodities clients.

Bunge reports Q2 2015 results

OECD transparency regulation to prove taxing for big traders
OECD transparency regulation to prove taxing for big traders
Oliver Gordon
30 July 2015

If prizes were being dished out for corporate success since the turn of the millennium, the big commodity trading houses would be right up there at the front of the queue. In the last five years alone, the sector’s biggest players – Glencore, Vitol, Trafigura and Cargill – have doubled their combined annual revenues, which now stand on the verge of $1 trillion.

Cocobod’s success stands as an example for other African nations
Cocobod’s success stands as an example for other African nations
Jonathan Bell
30 July 2015

Jonathan Bell reviews this year’s Ghana Cocobod financing, analyses the record of pricing, and looks at the prospect of further value-added for African soft commodities.

JB's Industry Blog: 24 July 2015
JB's Industry Blog: 24 July 2015
Jonathan Bell
28 July 2015

TXF held its Africa afternoon conference last week with more than 80 guests joining to discuss CAPEX, ECA and Project Finance in Africa. We approached the topics from a slightly different angle: whether ECA finance was fit for purpose and how project finance could be made to work better in the region – rather than looking purely at shortcomings in the continent.

Gunvor Singapore increases annual RCF through accordion structure
Gunvor Singapore increases annual RCF through accordion structure
Jonathan Bell
27 July 2015

Gunvor Singapore, the wholly-owned subsidiary of the international commodity trading company, Gunvor Group, has increased its $911.7 million syndicated revolving credit facility (RCF) to $1.0627 billion by bringing in new banks under the RCF’s accordion structure.

Gunvor signs increased secured borrowing base facility for Middle East operations
Gunvor signs increased secured borrowing base facility for Middle East operations
Jonathan Bell
22 July 2015

International commodity trading company Gunvor Group has signed a $525 million secured uncommitted borrowing base facility for its operations in the Middle East. The facility was well supported in the market, with an increase of $105 million over the previous year’s facility.

AAG Energy secures $250 million RBL facility
AAG Energy secures $250 million RBL facility
Jonathan Bell
16 July 2015

Asian American Gas Holdings (AAG Energy) a leading and independent coalbed methane (CBM) producer in China, has secured a $250 million reserve-based lending (RBL) facility. The loan will be utilised by its wholly-owned subsidiary Sino-American Energy Incorporated (SAEI), acting as borrower.

Metalloinvest pushes through new $750 million PXF
Metalloinvest pushes through new $750 million PXF
Jonathan Bell
16 July 2015

Russian iron and steel producer Metalloinvest has signed a new $750 million pre-export finance (PXF) facility with a club of international banks. TXF News understands the PXF was largely self-arranged by the company.

Non-US corporations to benefit most from Iran deal
15 July 2015

Banks sign $350 million financing for Kenya Pipeline’s Mombasa-Nairobi line
Banks sign $350 million financing for Kenya Pipeline’s Mombasa-Nairobi line
Jonathan Bell
15 July 2015

A consortium of local, regional and international banks has arranged a $350 million loan facility for Kenya Pipeline Company (KPC) for a new fuel products pipeline to run between Mombasa and Nairobi.

ING and EBRD team for Ukrainian ViOil pre-financing
ING and EBRD team for Ukrainian ViOil pre-financing
Jonathan Bell
15 July 2015

Ukraine’s major Ukrainian sunflower oil producer and exporter Industrial Group ViOil (ViOil) has secured a $40 million pre-financing through Dutch bank ING and the European Bank for Reconstruction and Development (EBRD).

IADB finances Ecuador steel plant
IADB finances Ecuador steel plant
Jonathan Bell
15 July 2015

The Inter-American Development Bank (IADB) is providing a $37 million loan to assist with the financing of a new 400,000 tons per year steel production plant in Ecuador.

Deutsche leads Nyrstar €400 million structured commodity facility to close
Deutsche leads Nyrstar €400 million structured commodity facility to close
Jonathan Bell
10 July 2015

Belgian-headquartered mining and metals company Nyrstar has successfully closed the refinancing of its structured commodity trade finance facility at €400 million ($442.7 million), in a transaction led by Deutsche Bank. There is scope under an accordion feature within the deal to considerably increase the borrowing.

Cracking the Turkmen code
Cracking the Turkmen code
Oliver Gordon
7 July 2015

BEST EUROPEAN/EURASIAN ECA FINANCE DEAL OF THE YEAR Dalia Gebrial looks at how this ECA-backed financing will lead to the transformation of the Turkmenistan petrochemicals sector.

Volac and Wilmar establish a global animal feed fats business

JB's Industry Blog: 3 July 2015
JB's Industry Blog: 3 July 2015
Jonathan Bell
6 July 2015

While much of the global economic focus of late seems to be on Greece and its potential exit from the eurozone – Grexit, or probably more apt Acropolis Now – quite a lot of important fabric building is and has been happening in our wonderful world of trade and project finance. The loan with ENOC comes at a time when the company looks set to acquire the Turkmenistan-focused Dragon Oil for an estimated $5.8 billion for the remaining 46% of Dragon.

Italy’s SACE finalises €200 million credit for Angola’s Sonangol
Italy’s SACE finalises €200 million credit for Angola’s Sonangol
Jonathan Bell
6 July 2015

Italian export credit agency, SACE, has signed a cooperation agreement with the Angolan Ministry of Finance. The agency has also finalised a €200 million ($220 million) credit line in favour of the Angolan public oil & gas company Sonangol, aimed at supporting export and investments of Italian companies in the African country.

Halcyon Agri signs $413 million loan and working capital facility
Halcyon Agri signs $413 million loan and working capital facility
Jonathan Bell
3 July 2015

Natural rubber supply chain manager Halcyon Agri Corporation has successfully completed a refinancing of up to $413 million, replacing existing debts with a mix of term loan and working capital facilities.

Castleton Commodities closes $3.75 billion credit facilities
Castleton Commodities closes $3.75 billion credit facilities
Jonathan Bell
1 July 2015

US-headquartered, Castleton Commodities International (CCI) has closed two committed credit facilities totalling $3.75 billion. The funds will be used for general corporate purposes, but also largely to finance the company's acquisition of Morgan Stanley's Global Oil Merchanting business.

DTEK completes Eurobonds restructuring
1 July 2015

Canada’s Detour Gold amends secured credit facility
Canada’s Detour Gold amends secured credit facility
Jonathan Bell
30 June 2015

Detour Gold Corporation has amended its C$135 million ($106 million) senior secured credit facility following negotiations with its bank lending group.

Statoil signs $5 billion RCF following oversubscription
Statoil signs $5 billion RCF following oversubscription
Jonathan Bell
29 June 2015

Oil producer Statoil ASA has successfully signed a $5 billion multicurrency revolving credit facility, guaranteed by Statoil Petroleum AS. The syndication saw a healthy oversubscription with Statoil electing to increase the initial launch figure.