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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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Taiwanese lenders, already under increased regulatory scrutiny over their exposure to a slowing China, could face further headwinds after local elections in Taiwan, where the pro-Beijing Kuomintang (KMT) party lost in five of six large municipalities, writes Shruti Chaturvedi. Taiwan's banks are a key indicator of retail liquidity for loans in Asia, especially from China. -
Kingboard Laminates Holdings has returned to the market for an HK$3bn ($386.8m) refinancing of a deal from 2010. The company is paying a premium over its last fundraising, which it sealed at the beginning of the year, as it has been a frequent borrower and many banks already have exposure to it.
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Three banks are looking to join a $120m dividend recap loan for diesel engine component maker ASIMCO Technologies. One has board approval for the transaction, while two have credit approval and are awaiting board approval, said a banker.
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India’s Hindustan Petroleum Corp has closed its $300m fundraising with commitments worth $225m pouring in from 12 lenders during general syndication. Although it got off to a slow start, the deal gained traction once lenders took into consideration the thinning in pricing for Indian state-owned names after it launched.
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Financial services company Far East Horizon has wrapped up a three year loan at a higher than launch size of $272m, with 16 banks. The bullet loan, which has been around since September, features a margin pegged to China’s state-owned Sinochem’s shareholding in Far East Horizon.
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Grupo Actividades de Construcción y Servicios (ACS) of Spain is in talks with a group of banks to refinance €2.2bn of debt, and plans to complete the deal in January 2015.
