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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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It is a stock phrase among bankers that no single deal can reopen the Russian loan market. One or two swallows would not make a summer. But Uralkali’s return with a transaction this week must raise the hopes of the country’s other borrowers.
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Turkey’s long love affair with the 364 day loan is over, say bankers, after demand shifted overwhelmingly to a novel 367 day tranche in the first three deals of 2015.
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Tofas, the Turkish automaker owned by Koc Holding and Fiat, has mandated banks for a €200m loan it will use to develop a new car model.
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Commitments for a €1bn loan for Romania’s OMV Petrom are due by the end of this week, according to bankers on the deal.
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Uralkali, the Russian potash fertiliser producer and exporter, has agreed a $530m four year pre-export facility with an accordion feature, becoming the first Russian borrower to sign an international loan in 2015.
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Focus Media has signed a loan of $1.4bn with a club of three banks ahead of a proposed A share listing. The company has also prepaid lenders that participated in a $1.525bn leveraged buyout loan it raised in 2013.