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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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Financial and leasing services company Far East Horizon, which wrapped up a three year loan in December, is already back for a $200m borrowing. Like its last fundraising, the latest bullet has a margin pegged to China’s state-owned Sinochem’s shareholding in the company. -
A HK$3.1bn ($400m) portion of a HK$4.46bn fundraising by CVC sponsored Hong Kong Broadband Network (HKBN) has hit general syndication, said bankers.
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Succeed Venture is looking to raise a $300m secured loan. In addition to offering security based on a hotel building in Shanghai, the fundraising comes backed by provisions related to the loan-to-value ratio, using the hotel’s valuation as a basis, said a banker.
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Taiwanese cable television operator China Network Systems (CNS) is in the market with a NT$46.742bn ($1.53bn) seven year multi-tranche loan. CNS’s sponsor MBK had originally picked Taiwan’s Wei family to acquire the company in August last year but subsequent scandals surrounding the buyer prevented the deal from going through.
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Privately-owned Royal Industries Indonesia is firming up a senior group of lenders for a $300m fundraising. The pricing on the deal is said to be similar to a $300m loan it sealed in 2013.
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Oil offtaker Oil Bridge is in the market for a $180m 23 month loan. The proceeds will go to Indian integrated oil company Essar Oil, which has entered into an advance payment agreement with the offtaker. The loan comes backed by an export performance bank guarantee from State Bank of India.
