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Shuweihat 3 financial close in May
The $1.38 billion project financing of the 1,600MW Shuweihat 3 independent power project in Abu Dhabi, sponsored by Sumitomo, Kepco and ADWEA, will now reach financial close the week beginning 16 May, though the project’s power purchase agreement reache...
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Contact Energy to use equity for Te Mihi geothermal
New Zealand electricity generator and distributor Contact Energy has launched a NZ$350 million ($280 million) equity entitlement offer to its existing shareholders. It plans to use the proceeds to strengthen its balance sheet and fund con&sh...
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Zentro Expo refinancing closes
Expo Zaragoza Empresarial has closed a Eu36 million ($49 million) refinancing of its Zentro Expo project. The project entails the conversion of the 165,000 square metre Zaragoza 2008 International Exposition centre into a business centre and justice build...
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Lynas gets Sojitz debt and equity for Mount Weld rare earths
Australian-listed rare earths developer Lynas Corporation has signed a $250 million debt and equity financing with Japanese trading house Sojitz. The signing follows a commitment from Sojitz in November 2010, with the So...
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OSX mandates Santander and ING for new FPSO loan
Brazilian oil and gas contractor OSX mandated Banco Santander and ING Bank to arrange a $850 million secured term loan for a second floating production, storage and offloading (FPSO) vessel on 30 March. The debt will cover 80% of project...
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Braskem closes Nexi-covered polyethylene loan
Braskem has closed a $200 million NEXI-covered loan that finances the construction of a polyethylene plant that uses sugarcane-based ethanol as a feedstock in Brazil. The lead arrangers of the debt, which features both political and commerc...
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Peru’s Inkia prices refinancing and hydro equity bonds
Peru-based Inkia Energy has priced a $300 million 144A senior bond issue. The bonds, led by Bank of America Merrill Lynch and Credit Suisse, will have an 8.375% coupon, were priced at 99.169 of par, and yield 8.5%. Fitch rates the ...
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Daewoo closes Kexim loan for US wind plants
Daewoo Shipbuilding & Marine Engineering has received a $100 million bridge loan from Korea Ex-Im for two wind farms in the US. It plans to repay the loan with the proceeds of a US Treasury cash grant after it completes construction of t...
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Helios Towers closes Ghana debt
Helios Towers Africa has closed a $40 million loan to help fund the expansion of its wireless towers business in Ghana. The lead arrangers of the club loan, structured by Standard Bank, were Stanbic Ghana, Standard Chartered Bank Ghana and Standard Chartered ...
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Arcus lines up lenders on Forth Ports
Arcus European Infrastructure Fund 1 has lined up six lenders to support its cash offer for listed ports operator Forth Ports. Arcus, through special purpose vehicle Otter Ports, has offered £16.30 ($26.71) per share for the 77.2% of Forth Ports th...
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Thames Water refinancing nears market
Macquarie is preparing to launch a £400 million ($644 million) bond refinancing for UK utility Thames Water. The bonds fall under a £1 billion medium-term note programme, and would rank pari passu with a concurrent new £350 million bank ...
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ArcLight places for fund V
ArcLight Capital has brought in $382.6 million in commitments for is ArcLight Energy Partners Fund V. Barclays Capital was listed as the placement agent for the sale, according to a recent SEC filing. ArcLight has a target of $2 billion of commitments and has been...
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Leisure
02 February 2011
Resorts World Sentosa refi oversubscribed
Resorts World Sentosa has closed a S$4.19 billion ($3.2 billion) refinancing of the debt that backed its 2008 development of the Sentosa casino resort, Singapore.
The five underwriters – BTMU, DBS, HSBC, OCBC and SMBC – attracted over a d...
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Deacero closes Sace-backed steel mill loan
Mexican steel products manufacturer Deacero has closed a $159 million Sace-backed loan with BNP Paribas and HSBC to build a long steel mini-mill in Saltillo, Mexico. The 8.5-year loan, which features 95% commercial cover, will fund the purchas...
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Wesizwe Platinum signs in Chinese equity
South African platinum mine developer Wesizwe Platinum has raised $226.6 million in equity for its Frischgewaagd-Ledig project. The agreement involves Jinchuan Group and the China-Africa Development Fund paying $200 million for a 45% stake in We...
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Afren prices high-yield refinancing
African oil and gas independent Afren has priced a $450 million senior secured bond refinancing. The lead managers of the bonds, due 2016 and with an 11.5% coupon, are BNP Paribas, Deutsche and Goldman Sachs. The bond proceeds are likely to be used to ref...
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Octal expansion debt closed
Octal Petrochemicals has signed a $311 million eight-year project financing to support the $562 million expansion of its PET/ APET manufacturing facility in Salalah, Oman. The company hopes to add another 527,000 tonnes per year (tpy) of capacity to the 330,...
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Plenary prices CSEC bonds
The C$1 billion ($1 billion) bond issue for Plenary’s Long-Term Accommodation project priced at 113bp for the short tranche and 200bp for the long tranche over the equivalent government of Canada bond curves. The pricing on the bonds, led by sole und...
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Power
02 February 2011
Local buyers step up on AEI dismemberment
Emerging markets energy operator AEI has agreed to the sale of 80% of its assets, or 10 operating companies, to seven different buyers, in a deal worth $4.8 billion. The buyers are a mixture of international utilities, financial buyers and...
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Pattern closes Hatchet Ridge leveraged lease
Pattern Energy has closed a leveraged lease refinancing with Metlife and institutional investors on the operational 101.2MW Hatchet Ridge wind plant in California. The long-term deal, which includes an issue of $142.1 million in pass-through cert...
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Telecoms
02 February 2011
Telkom signs Sinosure deal
Telkom has signed a Sinosure-backed $127 million seven-year loan to part fund its capital expenditure programme, which includes service expansion plans in South Africa, for which Huawei is equipment supplier. Absa Bank and Barclays were joint co-ordinati...
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Solid secured recoveries under SBX reorganisation plan
South Bay Expressway and California Transportation Ventures have filed a bankruptcy reorganisation plan with the US Bankruptcy Court for the Southern District of California. The plan calls for the creation of $288 million in new senior sec...
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InfraVia acquires FRASIE water
InfraVia, a fund managed by OFI Group, has bought French industrial water company FRASIE from GE Energy Financial Services and Idex Groupe. InfraVia Fund has a total size of Eu200 million ($272 million) and although the price of the acquisition has not be...
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Laing fund hits target size
John Laing Infrastructure Fund has reached its target size of £270 million ($425 million) for its initial public offering (IPO). The offer attracted strong interest from retail and institutional investors, and as a result John Laing ...
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Leisure
17 December 2010
Lavasa and Space Investment close on Indian theme park
Lavasa Corp and Space Investment Company have closed a Rs1.8 billion ($40 million) construction loan arranged by SBI Capital Markets for their Space Theme Park India joint venture. The nine-year loan incorporates an 18-month constructio...
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Bhutanese cement project financed
Bhutanese state-owned Dungsam Cement Corp has signed a $92 million-equivalent dual-tranche term loan to fund development of a BTN7.17 billion ($158 million) greenfield integrated cement project at Chenkari, Nganglam, Bhutan.
The plant will have an annual ...
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Fortescue closes expansion bonds
Australian iron ore producer Fortescue Metals has closed a $1.5 billion senior unsecured bond issue as part of its expansion funding programme. The lead manager of the seven-year bonds, which are callable in three years and rated B/BB+ (S&P/Fitch), is JP Morgan.
Th...
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ERC financial close delayed by equity
Financial close for the Egyptian Refining Company’s (ERC) $3.7 billion second-stage oil refinery in the Greater Cairo area is expected before the end of 2010, having been held up by changes to the project’s equity. Financing documentation was ...
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Archean raises Hajipur chemicals plant debt
Archean has closed a combined dollar and rupee-denominated facility for its marine chemicals complex at Hajipir in Gujarat, India. The project will produce 2 million tonnes per year (tpy) of industrial grade salt, 100,000 tpy of sulphate of potash...