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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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Nigeria’s Fidelity Bank is looking for a $100m two year loan, at the start of an expected wave of international loan financings from the country.
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Hong Kong listed Agile Property Holdings has reached an agreement with its lenders to extend the maturity on a portion of a $475m facility the company sealed in early April that was due in December. -
Indonesian state-owned company Sarana Multi Infrastruktur made its debut in the offshore loan market with a $150m three year bullet that launched into general syndication on October 27.
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A $120m dividend recap loan for diesel engine component maker ASIMCO Technologies has become a talking point among bankers because of uncertainty over whether the arranging bank for the loan will take a hold in the financing.
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A £1.35bn fundraising for phases II and III of the Battersea Power Station project was signed among seven banks on October 28. The loan was split into a £750m facility to fund phase II and a £600m portion for phase III that included a chunk of Islamic financing. It represents one of the biggest sterling financings by a Malay consortium.
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Indonesia’s Pertamina, which has mandated 12 lenders for its $1.8bn five year loan, will fund a portion of the financing onshore. This onshore/offshore split has become a common feature of deals from the country and is set for a boost as positive sentiment following the recent presidential election pushes down pricing, writes Shruti Chaturvedi.
