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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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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 an exposure to it. -
Pelabuhan Indonesia II’s $1bn loan that opened into general syndication in October, has attracted commitments worth $1.298bn from 45 banks.
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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 loan, 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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Bahraini Islamic lender Ibdar Bank has completed a $100m financing deal with Ethiopian Airlines to acquire four new aircraft, which marks the first Sharia compliant transaction in Africa’s aviation industry.
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Three banks are looking to join a $120m dividend recap loan for diesel engine component maker ASIMCO Technologies. While one has received board approval for the transaction, two have obtained 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. Though 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.
