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Saudi Arabia mining firm furths relationships with international banks following a $1bn sukuk in January
First Abu Dhabi joins the syndicate for the short term loan all but equalling the size of a previous revolving facility
Absa, FirstRand and Standard Bank were MLAs in first deal after private equity exit
Omani oil company has pushed out maturity by a year
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The $5bn in loans that BP plc subsidiaries BP Angola and BP Caspian are raising carry an out-of-the-box margin of 250bp with incentivised fees for banks who take tickets for both deals.
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Union Bank of India is considering whether to increase its $150m loan after getting big demand in syndication, and could upsize the deal to $175m.
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Russian steel and coal firm Mechel has had to increase the pricing on a $2.1bn pre-export financing after failing to attract enough commitments from banks. -
BP this week turned to pre-export financing to raise cash. The structure has proved useful for many other borrowers over the last couple of years — but it is also attracting a growing number of critics.
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Vedanta Resources, the Indian mining group, will finance a $9.6bn acquisition of a stake in Cairn India, the country’s fourth largest oil and gas company that was announced on Monday, with a loan of up to $6.5bn.
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BP launched $5bn of separate but coordinated loans into syndication on Monday as the embattled oil firm raises finance following the oil spill in the Gulf of Mexico. The company’s Angolan and Azerbaijani subsidiaries launched the pair of pre-export financings into syndication with a fee structure that incentivises bank lenders to join both deals.
