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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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Australian company Manassen Foods, which is partly owned by China’s Bright Food, has completed a $285m refinancing with a club of seven banks. -
Vedanta subsidiary Sesa Sterlite, which opened a $500m refinancing loan into general syndication on September 12, has pushed back the deadline for the fundraising.
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Cosmetics packaging company HCP Global, which pulled a US targeted loan of $380m in August, has launched a Taiwan targeted syndication for $360m for its dividend recapitalisation instead. The company, which has picked four banks to lead the new deal, is offering generous margins in light of the use of proceeds and the high leverage the company will be left with.
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Poultry feed producer Charoen Pokphand (CP) Indonesia’s $350m dual currency loan, which comes with a $50m greenshoe, has entered general syndication.
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The European Bank for Reconstruction and Development has agreed a €50m loan to Türkiye Sınai Kalkınma Bankası, the EBRD’s first credit line under its Sustainable Resource Initiative (SRI).
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Bright Food’s $800m club loan for its purchase Tnuva has been delayed as there is a reassessment of the valuation of the Israeli company after it reported a year on year decline in revenue for the second half of 2014.
