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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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VimpelCom, the Russian telecommunications company, has signed a $1bn credit agreement with Chinese banks. -
Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has been allocated among 26 lenders, 11 of which joined during general syndication. Thin pricing did not stop Taiwanese, Japanese and Middle Eastern lenders from piling into the deal, as it gave them a chance to form a relationship with India’s biggest private sector company.
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Commodity trader Mercuria signed its latest refinancing on November 18, with 28 banks joining during general syndication. Although the loan was oversubscribed by about 60%, Mercuria decided to cap the borrowing at its launch size of $1bn.
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Dividend recapitalisations are picking up in Asia, with a number of private equity firms tapping the loan market in recent months. Asian lenders have traditionally been reluctant to lend for such purposes, but have become more familiar with PE sponsors and more comfortable with the structure. It helps that such deals are offering juicy margins at a time when top tier credits are paying peanuts, writes Shruti Chaturvedi.
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Agricultural products supplier Olam International has mandated 19 banks for a $2.475bn triple tranche refinancing of a $2.22bn bridge loan that it sealed in May.
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Chinese beverage manufacturer Reignwood Group, which launched its maiden offshore syndicated loan in September, has decided to defer the fundraising to December or early next year as its need for the money is no longer imminent amid improved cash flow.
