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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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E-commerce giant Alibaba Group, which signed a $3bn revolving facility with four lenders on August 30, has completed a limited syndication of the financing. The facility got sealed with looser covenants than its last loan and marked the first US style revolver in Asia, said a banker on the deal. -
Mercuria Energy Group that launched its $1bn triple tranche revolving loan into general in September, will likely increase the size of its borrowing.
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Malaysian conglomerate Sime Darby is in the process of shortlisting banks for a dual tranche financing of roughly $830m, said bankers eyeing the deal.
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In a busy run for Turkish food company loans, Ülker Biscüvi and Yıldız subsidiary Ak Gıda are set to close conventional and Islamic deals this week. Meanwhile, Yıldız itself has asked HSBC to underwrite a leveraged loan backing its $2bn acquisition of Jaffa Cake maker United Biscuits.
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The European Bank for Reconstruction and Development (EBRD) has provided a $25m loan to Moldovan agricultural commodities trader Trans-Oil Group and agreed a $30m credit line to National Bank of Egypt (NBE).
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China’s Bright Food, which announced in October that it was acquiring a majority stake in Italian olive oil manufacturer Salov, is wrapping up a loan of around €120m ($152m) with three lenders.
