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Metals group AMG signs oversubscribed RCF
Metals group AMG signs oversubscribed RCF
Jonathan Bell
1 June 2015

Amsterdam-headquartered Advanced Metallurgical Group (AMG) has entered into a new $320 million multi-currency term loan and revolving credit facility (RCF). The facility was met with good bank market appetite resulting in a substantial oversubscription.

Glencore signs $15.25 billion revolving credit facilities
Glencore signs $15.25 billion revolving credit facilities
Jonathan Bell
29 May 2015

Swiss-headquartered commodity trading company Glencore has signed its $15.25 billion revolving credit facilities (RCF). A total of 60 banks committed to the facilities, including 34 mandated lead arrangers and bookrunners.

LPC-Metinvest's holdout creditors unlikely to agree debt deal-sources
29 May 2015

Top commodity trading houses line up for Iran's return to market
29 May 2015

GrainCorp: providing increased efficiencies in a tight market sector
GrainCorp: providing increased efficiencies in a tight market sector
Jonathan Bell
29 May 2015

BEST SOFT COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell reviews how Rabobank led the first structured inventory financing for Australia’s GrainCorp.

Aegean Marine Petroleum: Success in the midst of the storm
Aegean Marine Petroleum: Success in the midst of the storm
Hesham Zakai
29 May 2015

BEST EUROPEAN/EURASIAN COMMODITIES FINANCE DEAL OF THE YEAR Hesham Zakai discovers why simplicity was the best policy for Aegean Marine Petroleum’s new borrowing base facility.

Glencore/SHT: a transformational deal for Chad
Glencore/SHT: a transformational deal for Chad
Jonathan Bell
29 May 2015

BEST AFRICAN COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell assesses the success of Glencore’s prepayment financing in the landmark deal with SHT and in Chad.

Eroton: a bespoke African deal to wow the market
Eroton: a bespoke African deal to wow the market
Jonathan Bell
29 May 2015

MOST INNOVATIVE COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell examines the innovations Afreximbank employed when it structured a reserve-based lending facility for Nigeria’s Eroton.

 EGPC: An oil deal designed to boost economic reform
EGPC: An oil deal designed to boost economic reform
Hesham Zakai
29 May 2015

BEST ENERGY FINANCE DEAL OF THE YEAR Hesham Zakai reviews how government support, a winning international alliance and strategic timing have combined in this EGPC deal to put Egypt back on the global investment map.

Calik Cotton: a lesson in local innovation
Calik Cotton: a lesson in local innovation
Dalia Gebrial
29 May 2015

BEST COMMODITIES DFI DEAL OF THE YEAR Dalia Gebrial speaks to ITFC about the Islamic financing structure wich secured the Calik Cotton deal.

Biosev: ING stirs a sweet deal for the Brazilian sugar processor
Biosev: ING stirs a sweet deal for the Brazilian sugar processor
Jonathan Bell
29 May 2015

BEST AMERICAS COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell reveals how ING structured a rarely seen syndicated ACC financing for Biosev and extended the term of financing to three years.

Noble Agri: leading the ‘Brave New World’ in agricultural commodities
Noble Agri: leading the ‘Brave New World’ in agricultural commodities
Hesham Zakai
29 May 2015

BEST ASIA-PACIFIC COMMODITIES FINANCE DEAL OF THE YEAR Hesham Zakai praises a Noble Agri revolving credit facility that can have a significant impact on the agri landscape.

Traxys signs oversubscribed borrowing base facility
Traxys signs oversubscribed borrowing base facility
Jonathan Bell
28 May 2015

Luxembourg-headquartered commodity trading company, Traxys Sarl (Traxys) has signed and closed a $1 billion borrowing base facility. The funds will be used to refinance existing debt and for working capital purposes.

Tiryaki Agro: going global
Tiryaki Agro: going global
Dalia Gebrial
28 May 2015

BEST MIDDLE EASTERN COMMODITIES FINANCE DEAL OF THE YEAR Dalia Gebrial reviews a unique soft commodity deal in the Turkish market where ABN AMRO worked together with EBRD and FMO to pull together a bespoke financing for Tiryaki Agro.

Tangsteel/Sinobiz Holdings: against all odds
Tangsteel/Sinobiz Holdings: against all odds
Dalia Gebrial
28 May 2015

BEST OVERALL COMMODITIES FINANCE DEAL OF THE YEAR Dalia Gebrial examines the largest-ever structured commodity trade finance deal for a Chinese company.

Tangsteel/Sinobiz Holdings: against all odds
Tangsteel/Sinobiz Holdings: against all odds
Dalia Gebrial
28 May 2015

BEST OVERALL COMMODITIES FINANCE DEAL OF THE YEAR Dalia Gebrial examines the largest-ever structured commodity trade finance deal for a Chinese company.

Right place, right time
Right place, right time
Oliver Gordon
28 May 2015

Despite a sluggish outlook for Latin American regional growth over 2015, BBVA’s Carlos Herrera and Sandra Nolasco tell Ollie Gordon how the resilient performance of the Pacific Alliance countries has given the bank a reason to be cheerful.

Right place, right time
Right place, right time
Oliver Gordon
28 May 2015

Despite a sluggish outlook for Latin American regional growth over 2015, BBVA’s Carlos Herrera and Sandra Nolasco tell Ollie Gordon how the resilient performance of the Pacific Alliance countries has given the bank a reason to be cheerful.

Trafigura becomes major exporter of Russian oil
28 May 2015

TAG’s top 5 dealmakers
TAG’s top 5 dealmakers
Oliver Gordon
28 May 2015

TXF recently caught up with the five most prolific dealmakers on tagmydeals (TAG) to find out a little bit about them, their favourite deals from 2014, and their outlooks for 2015. These top taggers cover a broad spectrum of trade financing industries – including export finance, structured commodity finance and project finance – and provide crucial, on-the-ground insight into what the market looks like from the perspective of those getting their hands dirty putting the deals together.

Gunvor Singapore secures $912 million revolver
Gunvor Singapore secures $912 million revolver
Jonathan Bell
27 May 2015

Commodity trading company Gunvor Singapore, a wholly-owned subsidiary of Gunvor Group, has signed a $911.7 million syndicated revolving credit facility (RCF). The facility was considerably oversubscribed attracting 31 banks in syndication.

JB's weekly round up - 27 May 2015
JB's weekly round up - 27 May 2015
Jonathan Bell
27 May 2015

As with any given seven-day period in the modern age of news reportage, last week was chock-a-block full of current affairs shockers, geopolitical wranglings, cyclical sporting accomplishments and surprisingly changeable weather patterns. However, the news on everyone’s lips was surely the long-anticipated launch of the TXF Chronicle…

Introducing… the TXF Chronicle
Introducing… the TXF Chronicle
Oliver Gordon
26 May 2015

As with any given seven-day period in the modern age of news reportage, last week was chock-a-block full of current affairs shockers, geopolitical wranglings, cyclical sporting accomplishments and surprisingly changeable weather patterns. However, the news on everyone’s lips was surely the long-anticipated launch of the TXF Chronicle…

Oman’s ORPIC secures $910 million syndicated loan
Oman’s ORPIC secures $910 million syndicated loan
Jonathan Bell
26 May 2015

State-owned Oman Oil Refineries and Petroleum Industries Co (ORPIC) has secured an OMR350 million ($910 million) syndicated corporate loan facility from local and regional banks. The group says this is the first syndicated corporate debt raising activity conducted by the holding company.

Romania’s OMV Petrom signs €1 billion RCF
Romania’s OMV Petrom signs €1 billion RCF
Jonathan Bell
25 May 2015

OMV Petrom, the largest oil and gas producer in South-Eastern Europe, has signed a revolving credit facility (RCF) amounting to €1 billion ($1.1 billion). The funding has been provided by a syndicate of 17 banks.

Petrobras closes $5 billion funding deal with China Development Bank
Petrobras closes $5 billion funding deal with China Development Bank
Jonathan Bell
22 May 2015

Brazilian state-run oil company Petroleo Brasileiro (Petrobras) has signed and closed a $5 billion funding agreement with China Development Bank (CDB).

High Court rules on Qingdao case in favour of Mercuria against Citi
High Court rules on Qingdao case in favour of Mercuria against Citi
Jonathan Bell
22 May 2015

After months of legal wrangling in the UK courts, the High Court in London has finally ruled in favour of commodity trading company Mercuria, in the Mercuria Energy Trading Pte Ltd & Anr versus Citibank N.A & Anr, where Citi had been seeking payment of $270 million related to a metals financing warehouse receipt transaction in Qingdao port, China.

Trafigura places control of metals and minerals trading with Jeremy Weir
Trafigura places control of metals and minerals trading with Jeremy Weir
Jonathan Bell
22 May 2015

Commodity trading company Trafigura Beheer BV has announced that Jeremy Weir, chief executive officer, is assuming responsibility for the metals and minerals trading division of the company.

Noble Group closes $2.3 billion unsecured RCF
Noble Group closes $2.3 billion unsecured RCF
Jonathan Bell
21 May 2015

Hong Kong-headquartered commodity trading company Noble Group has closed its syndicated committed unsecured revolving loan facilities with a total size of $2.3 billion.

Puma Energy closes $1.25 billion facility oversubscribed
Puma Energy closes $1.25 billion facility oversubscribed
Jonathan Bell
19 May 2015

Singapore-headquartered Puma Energy, a global mid and downstream energy company, has closed its revolving credit (RCF) and term loan facilities amounting to $1.25 billion. The financing was substantially oversubscribed, and the company reports well ahead of initial expectations.

JB's weekly round up - 15 May 2015
JB's weekly round up - 15 May 2015
Jonathan Bell
18 May 2015

Next week is the start of a hectic period for TXF. We launch the inaugural “TXF Chronicle”, our latest industry special report. We’ll also be joined by 200 of the commodity finance world’s great and good in Amsterdam for our annual conference and industry dinner. I’m really looking forward to catching up with some good friends, and getting a proper sense of market activity. Click here to see who else will be there.

BHP Billiton selects essDOCS for harmonised documentation solution
BHP Billiton selects essDOCS for harmonised documentation solution
Jonathan Bell
8 May 2015

Following a global tender, essDOCS, a leading enabler of paperless trade, has has won the contract to develop and deliver a document preparation (Doc Prep) solution for major mining and trading conglomerate BHP Billiton’s marketing business.

Report: Commodity Finance market overview
Report: Commodity Finance market overview
Hesham Zakai
8 May 2015

A special report from TXF Data presenting an overview of key commodities market transactions.

HFW expands oil and gas practice with partner hire
HFW expands oil and gas practice with partner hire
Jonathan Bell
7 May 2015

International law firm Holman Fenwick Willan (HFW) has expanded its energy practice with the recruitment of Jayson Marks. He joins the firm’s oil and gas group as a corporate partner.

JB's weekly round up - 7 May 2015
JB's weekly round up - 7 May 2015
Jonathan Bell
7 May 2015

For those of our readers in the UK, you will doubtless feel as lucky as I do to have been treated to an extended general election campaign. That’s right folks, more pointless infographics, more over-analysed opinion polls, more sensationalised 'leadership debates', more spin, and 'new and improved' ways politicians are finding to avoid answering even the most basic of questions.

Scipion Capital names new business development lead
Scipion Capital names new business development lead
Dalia Gebrial
6 May 2015

Swiss-based commodities investment manager Scipion Group has appointed Taran Bains as its new head of sales and marketing.

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.