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Strong appetite from international banks for first gigascale 24/7 solar plant
ECA-backed deal comes after AFC raises $2bn to fund infrastructure development
Deal was three times oversubscribed
International Finance Corp’s drive to introduce development finance to the CLO market is advancing. Its second deal of $509m had more investors, more tranches and better pricing, supporting its rapid growth
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Vitol Asia’s $1.7bn refinancing loan has swelled to $1.87bn, with 11 mandated lead arrangers and bookrunners signing up for the trade.
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The Asian arm of Louis Dreyfus Commodities has opened up a $300m three year revolver into syndication, with utilisation fees also up for grabs. But as banks expect very little of the credit line actually to be used, they will be unlikely to benefit from the additional fees.
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Chinese car dealer Baoxin Auto Group got into gear for its $150m three year term loan on Wednesday, pricing the deal at 370bp over dollar Libor.
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BFI Finance Indonesia, which launched its fundraising in mid-April, has wrapped up syndication at a larger size of $100m, thanks to demand from the market. Garuda Indonesia, meanwhile, is considering ditching general syndication altogether for its $200m loan after a strong response in senior.
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A $500m component of Indian mining firm Vedanta Resources’ $1bn fundraising has had a targeted launch into senior syndication, according to a banker.
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The $120m three year loan for the international arm of Taiwan’s Chailease Finance was launched into syndication last week, with the deal priced at 140bp over dollar Libor.