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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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IHS Towers will begin the roadshow for its loan in the next week or so, according to a banker involved with the deal. The Nigerian telecoms infrastructure company is expected to wrap up the loan by February. -
African banks have been busy in the loan market over the winter break, with Nigeria’s First City Monument Bank (FCMB) signing term loans and Stanbic Uganda rumoured to be coming to market. Meanwhile, Zenith Bank of Nigeria has revealed the allocations of its recent $300m loan.
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Dubai Aluminium has recently closed a $1.8bn seven year loan, according to bankers involved in the deal.
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Turkish lender Kuveyt Turk completed a $350m murabaha loan over new year, increasing the size on the back of high demand. The reception bodes well for the borrower’s planned sale of up to M$2bn in sukuk, for which it has already mandated.
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Lenders have clambered on board Forbes Bumi Armada Offshore’s $290.4m nine year project financing loan, with the backing of sponsor ONGC and joint venture partner Shapoorji Pallonji Group luring them in.
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India’s Bharat Petroleum Corp (BPCL) is the latest among a handful of Indian state owned companies, including Steel Authority, that have sent out requests for proposals for offshore loans in recent months.
