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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.

JB's weekly round up - 17 March 2015
JB's weekly round up - 17 March 2015
Jonathan Bell
17 March 2015

Last week Valerie Colville and Francisco Anzola of CC Solutions did a wonderful job (alongside UKEF and Milbank) as the hosts with the most at the inaugural London school.

Trafigura names Christophe Salmon as new CFO – as of October 2015
Trafigura names Christophe Salmon as new CFO – as of October 2015
Jonathan Bell
16 March 2015

Commodity trading company Trafigura Beheer has today announced that Christophe Salmon will become the company’s new chief financial officer (CFO) as of 1 October 2015.

Mercuria looks to expand marine fuel business
Mercuria looks to expand marine fuel business
Jonathan Bell
12 March 2015

Commodity trader Mercuria Energy is expanding its marine fuel division - Minerva Maritime Fuel – with the announcement today that it is looking to hire 20 to 40 bunker fuel specialists.

IFC and CelsiusPro partner to expand access to insurance and finance for Ukrainian farmers
IFC and CelsiusPro partner to expand access to insurance and finance for Ukrainian farmers
Jonathan Bell
12 March 2015

The World Bank group and Swiss index-insurance specialist CelsiusPro have partnered to make agricultural insurance in Ukraine more affordable for smaller companies, expanding farmers’ access to financial services and helping boost agricultural productivity.

JB's weekly round up - 10 March 2015
JB's weekly round up - 10 March 2015
Jonathan Bell
10 March 2015

After a great deal of help from those in the industry, we are delighted to share the first edition of our brochure for TXF Paris 2015.

Absa leads in club RBL deal for PetroSA Ghana
Absa leads in club RBL deal for PetroSA Ghana
Jonathan Bell
9 March 2015

PetroSA Ghana, a subsidiary of South Africa's National Oil Company PetroSA, has signed a new reserve based lending (RBL) credit facility with a club of lenders.

Bunge signs deal with essDOCs to move to electronic bills of lading
Bunge signs deal with essDOCs to move to electronic bills of lading
Jonathan Bell
6 March 2015

Agricultural and food commodity trading company Bunge has become the latest global trading house to move its documentation to full electronic format through an agreement with essDOCS, the electronic trade enabling company.

Noble Group hits back at unfounded accountancy allegations
Noble Group hits back at unfounded accountancy allegations
Jonathan Bell
5 March 2015

Hong Kong-headquartered commodity trading company Noble Group has hit back strongly today refuting allegations from a hitherto unknown entity – Iceberg Research - that it had used inappropriate accounting methods to among other things, disguise the correct value of certain assets and overstate the value of long-term commodity contracts.

SMBC and JBIC combine for loans to Turkish-Japanese steel JV
SMBC and JBIC combine for loans to Turkish-Japanese steel JV
Jonathan Bell
3 March 2015

Sumitomo Mitsui Banking Corporation (SMBC) and the Japan Bank for International Cooperation (JBIC) have teamed to provide loans to a joint venture (JV) company in Turkey to support steel production and sales.

TXF announces winners of 2014 Perfect10: Deals of the Year
TXF announces winners of 2014 Perfect10: Deals of the Year
Dalia Gebrial
3 March 2015

TXF are proud to announce the winners of our Perfect10: Deals of the Year 2014 awards for both export and project finance, and natural resources and commodities finance.

JB's weekly round up - 3 March 2015
JB's weekly round up - 3 March 2015
Jonathan Bell
3 March 2015

Last week in London TXF held an evening presentation related to its first ECA data report for 2014.

Trader interview series: Part 3. Mercuria moves from strength to strength
Trader interview series: Part 3. Mercuria moves from strength to strength
Helen Castell
25 February 2015

In the third interview of our commodity trader series, Mercuria Energy Trading CFO, Guillaume Vermersch, tells Helen Castell how its deal to buy JPMorgan’s physical commodity books has transformed its business, why the repo structure will survive Qingdao, and how more transparency from traders would help them shape regulations.

UniCredit and EBRD combine for Kazakh chrome mining finance
UniCredit and EBRD combine for Kazakh chrome mining finance
Jonathan Bell
24 February 2015

UniCredit and the European Bank for Reconstruction and Development (EBRD) have combined to provide a credit facility for Kazakhstan’s Voskhod Chromium.

Paraguay’s Sudameris Bank secures IFC funds to finance agri exporters
Paraguay’s Sudameris Bank secures IFC funds to finance agri exporters
Jonathan Bell
24 February 2015

Sudameris Bank in Paraguay has secured funds from the International Finance Corporation (IFC) to finance exporters in the country’s agribusiness sector.