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Olam International: Farm commodity glut continuing in 2018
11 December 2017

Low commodities prices will persist next year as the problem of oversupply that has dogged the market in recent years continues, according to Sunny Verghese, the co-founder and CEO of Singapore-based agricultural trader Olam International. He said 2017 was a year of "oversupplied markets, burdensome balance sheets".

Trafigura: Traded oil volumes jump 25%, net profit drops
11 December 2017

Trafigura said traded crude and oil product volumes rose to more than 5.3 million barrels per day in 2017, up from 4.3 million last year. But the Swiss-based trader reported a 9% drop in net profit to $887 million for the year ending 30 September.

Noble faces key deadlines as default threat looms
8 December 2017

Embattled Hong Kong-headquartered commodities trader Noble Group faces several significant deadlines this month and into 2018 as it wrestles with a $3.5 billion debt restructuring. One of the first key dates is 20 December - when a covenant waiver on Noble's $1.1 billion revolving credit facility expires.

Louis Dreyfus RCF close imminent
8 December 2017

A refinancing of Louis Dreyfus’s $1 billion revolving credit facility (RCF) is set to close next week after key documents were signed today. The...

Mercon closes borrowing base refi despite debt doubts
8 December 2017

Nicaraguan coffee trader Mercon Coffee Group has closed a refinancing of its one-year $500 million borrowing base facility albeit with an amended bank...

Basel III finalised and bank lobbying wins out
8 December 2017

The Basel Committee on Banking Supervision has finally inked new rules on how banks estimate the risk of loans and other assets. Basel III - a compromise reached after fierce lobbying from the banking industry - causes no significant increase in overall capital requirements according to the regulator. And for some banks, capital demands actually decline.

Noble to sell US ethanol producer to new buyer Mercuria unit for higher price
8 December 2017

Noble Group is set to sell its US-based ethanol producer South Bend Ethanol to Mercuria for $15.5 million - $3 million more than its previous offer from Zeeland Farm Services. Hong Kong-headquartered Noble is expected to terminate its agreement with Zeeland Farm on 11 December.

New structured commodity hires for ABN Amro Asia
8 December 2017

Michael Wang, former head of structured metals and energy finance China at ING Bank, and Mengfei Wang, formerly of Deutsche Bank, have joine...

Wilmar: George Yeo steps down from board to make way for independent directors
8 December 2017

George Yeo has stepped down from the board of Singapore-headquartered agribusiness Wilmar International in order to make way for additional independent non-executive directors. The palm oil producer has appointed former GIC group president Lim Siong Guan and Hong Kong-based PAG chairman and chief executive Shan Weijian to the board.

Glencore: Gill Marcus appointed independent director
7 December 2017

Commodity giant Glencore has appointed Gill Marcus as an independent non-executive director of the company, with effect from 1 January 2018. She was governor of the South African Reserve Bank from 2009 to 2014.

Trafigura secures Asian borrowing base
7 December 2017

Trafigura has refinanced its Asian borrowing base facility with a new $1.5 billion one-year syndicated facility. The deal is led by ...

Amplify Energy reveals successful borrowing base redetermination
7 December 2017

Amplify Energy, a Texas-based independent oil and natural gas company, has announced a revised borrowing base of $450 million. It includes monthly reductions of $2.5 million until the borrowing base reaches $437.5 million in April 2018.

ALROSA improves loans and borrowings position
7 December 2017

Russian diamond mining group ALROSA has made an early repayment of a part of its $720 million bank loan due in 2019 (which was priced at 4.3%), and refinanced the remaining balance at lower rates. Of the $720 million, $600 million has been refinanced through two new two-year loans of $350 million and $250 million issued by Raiffeisenbank and Rosbank respectively. The remaining balance of $120 million was repaid ahead of schedule using ALROSA’s free cash flow.

Louis Dreyfus promotes China CEO James Zhou
6 December 2017

Netherlands-headquartered commodity trader Louis Dreyfus Company has promoted James Zhou to the role of the North Asia Region. He joined Louis Dreyfus last year as CEO for China. Jaime O'Donahue, who was previously head of the Asia region as a whole, is now head of the South & Southeast Asia Region.

Cargill, Bunge, ADM in talks over Brazilian commodities rail project
6 December 2017

A consortium including commodity traders Cargill, Archer Daniels Midland, Bunge, and Amaggi is in discussion to bid for a $4.3 billion railway project that would bring together grain-growing regions in central Brazil with northern ports. The Ferrograo railway project would create a nearly 700-mile long railway corridor for commodities.

Petrobras to receive $200m from corruption repayments
6 December 2017

Brazilian state oil group Petrobras will receive about $201 million in funds recovered from the country's largest-ever corruption investigation. The amount represents the largest remuneration payment resulting from a corruption investigation in Brazil's history.

Dfin: From a different cut
Dfin: From a different cut
Callum Burroughs
6 December 2017

With banks retreating from the midstream diamond financing sector, the cost of debt for diamond traders is spiralling and creating the ideal climate for alternative lenders. TXF talks to Christopher Ellis and Bryan Walker, co-founders of alternative midstream diamond lending start-up Dfin, about the opportunity they see in a high-demand-low-availability debt niche.

Aegean Marine Petroleum closes borrowing base refinancing
6 December 2017

Aegean Marine Petroleum Network (AMPN) has closed a $750 million secured borrowing base revolver. The three-year facility, which comes with a $25...

Glencore and Ontario Teachers' form royalties joint venture
6 December 2017

Mining giant Glencore and Ontario Teachers' Pension Plan have formed a joint venture called BaseCore Metals for Glencore's portfolio of royalty assets. Glencore Canada Corp and Ontario Teachers' will have a 50-50 ownership in the venture.

Petrobras inks $5bn financing deal with China Development Bank
5 December 2017

Brazilian oil giant Petrobras has signed a deal with China Development Bank for $5 billion in financing and a ten-year supply contract with Unipec Asia Company. Half the loan, which matures in 2027, will be disbursed this month and the rest in January 2018.

Earthstone Energy announces increase in borrowing base
5 December 2017

Texas-based Earthstone Energy has announced that the borrowing base under its senior secured revolving credit facility has been increased from $150 million to $185 million. The company also entered into an amendment to its credit facility which provides for increased flexibility.

Petrobras no longer matters for Brazil
5 December 2017

Petrobras is down. Once a bellwether stock that dictated the direction of Brazil's main Bovespa index, this beleaguered, scandal-clad oil company is now a dry well. "Petrobras used to matter more, but there are a couple of reasons why it matters less," says Fernando Pertini, a fund manager with private wealth management firm Millenia Asset Management.

Jens steps down as ABN Amro diamond chief, new appointment made
4 December 2017

Dutch bank ABN Amro's diamond and jewelry division will become part of its trade-and-commodity finance business under a restructuring. Geert van Reisen has replaced Erik Jens, who has led ABN Amro's diamond department for five years, as new global head for its precious-stones unit. Van Reisen was previously the lender's global head of strategy, risk and portfolio management for diamonds and jewelry.

Blackstone offers $6bn for Petrobras pipeline
4 December 2017

Blackstone Group has teamed up with its Brazilian partner Patria Investimentos to compete for Brazilian oil giant Petrobras's natural gas pipeline network in the country's northeast. They are one of at least three groups that have made non-binding offers up to $6 billion for the asset.

Noble's star gasoline trader Sinenko said to join Gunvor
4 December 2017

Swiss-headquartered Gunvor Group has wooed Singapore's Noble Group's star gasoline trader Dmitri Sinenk to join its expanding US operations as an exodus from the struggling Asian trading house continues amid asset sales and a debt restructuring.

Texel Finance celebrates 20 years of growth
Texel Finance celebrates 20 years of growth
Jonathan Bell
4 December 2017

London-headquartered insurance broker Texel Finance is about to celebrate 20 years in the business as of 1 December. TXF editor-in-chief Jonathan Bell, caught up with Texel chairman Andy Lennard to talk about the growth of the company and the future for the sector.

Texel Finance celebrates 20 years of growth
Texel Finance celebrates 20 years of growth
Jonathan Bell
4 December 2017

London-headquartered insurance broker Texel Finance is about to celebrate 20 years in the business as of 1 December. TXF editor-in-chief Jonathan Bell, caught up with Texel chairman Andy Lennard to talk about the growth of the company and the future for the sector.

New CEO announced for African potash junior Danakali
4 December 2017

CEO of potash junior Danakali, Paul Donaldson, will transition from his role as CEO and MD to non-executive director, before the end of 2017. Danny Goeman, a highly experienced mining industry professional, will go from head of marketing to the role of CEO.

Olam sells Californian edible nuts farmland assets for $110m
4 December 2017

Singapore-headquartered Olam International has received $110 million from the sale of 5,100 acres of edible nuts farmland assets in California to Farmland Partners. Olam will continue to operate the orchards for the next 25 years and will pay Farmland Partners a share of the annual revenue.

Pakistan looks for new LNG suppliers
1 December 2017

Pakistan is said to be in liquefied natural gas (LNG) supply talks with France, Italy and Spain. The negotiations could lead to contracts for Engie, Eni and Gas Natural Fenosa.

China Tian Lun Gas raises working capital
1 December 2017

China Tian Lun Gas Holdings has signed a HK$1.25 billion ($160 million) five-year loan for refinancing and working capital. The deal comes with guaran...

Haynesville gas shale making a comeback
1 December 2017

The Haynesville Shale in East Texas and north-west Louisiana was shunned for more promising prospects when oil and gas prices plunged. Now the Haynesville is back with rig counts trebling, production hitting four-year highs and some serious asset sales potential.

Gaines to take on CEO role at Fortescue Metals
1 December 2017

Australian iron ore miner Fortescue Metals Group has appointed chief financial officer Elizabeth Gaines as its next CEO to take over from Nev Power in February.  

Ukrainian shipping company to accept payments in bitcoin
1 December 2017

Ukrainian shipping company Varamar plans to accept payments in bitcoin, having negotiated its first transaction in the cryptocurrency. It says this will help speed payments and ease problems in countries like Pakistan, Russia, Qatar, Sudan or Yemen that are the target of sanctions.

Norilsk Nickel looking for an unsecured repeat
30 November 2017

Russian metals producer Norilsk Nickel is in the market for a $1 billion unsecured financing. The company, rated Ba1, has followed a recent trend ...

Nigeria's NNPC targets up to $5bn oil prepayment
30 November 2017

Nigerian National Petroleum Corporation (NNPC) is believed to be looking to set up a $3.5-$5 billion cash-for-crude prepayment with some of the world's top commodity traders to fund oil and gas upstream projects as well as related infrastructure. Standard Chartered has reportedly been hired to advise on the oil prepayment.

Wilmar is first palm oil group to link bank loan to sustainability performance
30 November 2017

Singapore-headquartered Wilmar International has become the first company in Asia as well as in the palm oil industry to take a loan with interest rate pegged to its sustainability efforts. ING bank will reduce its interest rate for part of the loan in the following year if the performance milestones are met.

Tullow Oil secures $2.5bn debt refinancing
30 November 2017

London-headquartered Tullow Oil has completed the refinancing of $2.5 billion of reserve based lending credit facilities. The facilities are split between a commercial bank facility of $2.4 billion and an IFC facility of $100 million.

Noble Group foe Iceberg fires a fresh salvo
29 November 2017

Noble Group's long-time foe Iceberg Research claims the Hong Kong-based commodity trader's balance sheet may still mask problems and that the company's bid to restructure its obligations will not lead to a turnaround.

Glencore and Chad in deadlock over $1bn debt deal
29 November 2017

Talks between Chad, Glencore and a group of banks to restructure more than $1 billion in debt have stalled after the African nation rejected the commodities trader's latest proposal to delay repayment of an oil-for-cash loan.

Gulf oil producers turn to pre-export loans in era of cheap oil
29 November 2017

Gulf oil companies are increasingly looking at raising debt through trade finance structures as a way to provide extra security to lenders amid low oil prices and to serve oil buyers by guaranteeing them access to future shipments.

Noble Group to sell four ships to cut debt
29 November 2017

Struggling Hong Kong-based commodity trader Noble Group is to sell four dry bulk carrier vessels for about $95 million, as it looks to cut debt to keep its business running. Net proceeds from the disposal will amount to about $30 million.

Bharat PetroResources closes on $400m to fund oil blocks
28 November 2017

Bharat PetroResources – a wholly-owned upstream subsidiary of Bharat Petroleum – has closed syndication of a $400 million loan to refinanc...

Sorting Sonangol?
Sorting Sonangol?
Dr. Robert Besseling
28 November 2017

Despite a complete overhaul of management at Sonangol - most notably the removal of Isabel dos Santos as chairperson - the ongoing refinancing of the state-owned oil company faces new challenges from a recent massive increase in borrowing.

$2.7bn Nacala logistics corridor financing signed
28 November 2017

Brazilian miner Vale and Mitsui have signed a $2.73 billion project financing for the Nacala logistics corridor - a railway system connecting the Moatize coal mine to the Nacala port in Mozambique. The 14-year debt comprises a $1.03 billion direct loan from JBIC; a $1 billion NEXI-covered tranche from SMBC, BTMU, Mizuho Bank, Sumitomo Mitsui Trust Bank, Nippon Life Insurance and Standard Chartered; a $400 million ECIC-covered loan from ABSA Bank, Investec, Rand Merchant Bank and Standard Bank; and $300 million from the African Development Bank (AfDB).

Jones Energy sets RCF borrowing base at $350m
28 November 2017

Texas-based oil and natural gas group Jones Energy has seen the borrowing base on its senior secured revolving credit facility set at $350 million. The figure represents the high end of the range of expectations.

Revolt forces Rio Tinto to ditch plan to hire Conservative chief Davis
27 November 2017

Australian-British metals and mining group Rio Tinto has abandoned plans to appoint Conservative Party boss Sir Mick Davis as its next chairman in the wake of a revolt by investors. A group of leading shareholders wrote to the miner's board to say that Sir Mick's appointment would be unacceptable.

Ilim closes unsecured four-year loan
27 November 2017

Russian paper manufacturer Ilim has signed its $500 million four-year unsecured facility. Proceeds will finance strategic development projects in Europe and Asia. The loan was arranged by Raiffeisen Bank International and Intesa Sanpaolo. The syndicate was split 50:50 between European and Asian banks. Credit Agricole joined the European banks and ICBC, Agricultural Bank of China, Bank of China, China Construction Bank and Korea Development Bank were some of the Asian banks on the deal.

Noble to sell US-based South Bend Ethanol for $12.5m
27 November 2017

Embattled Hong Kong-headquartered commodities trader Noble Group is to sell its US-based ethanol producing business South Bend Ethanol to Zeeland Farm Services for $12.5 million plus adjustments.

Asiamet appoints mining veteran James Deo as new chief financial officer
27 November 2017

Indonesia-focused copper explorer Asiamet Resources has appointed mining veteran James Deo as its new chief financial officer. He was most recently a consultant to Newcrest Mining - the largest gold miner in Australia.