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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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Vedanta subsidiary Sesa Sterlite, which opened a $500m refinancing loan into general syndication on September 12, has pushed back the deadline for the fundraising. -
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.
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Hong Kong headquartered NewOcean Energy Holdings has signed a $105m three year loan with six lenders. The loan was raised via subsidiary Sound Agents and comes with a covenant relating to NewOcean’s shareholding.
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Indian company JSW Steel is in the market for a $250m loan that is being underwritten by one lender.
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The mandated lead arranger and bookrunner group for Indonesian poultry feed producer Charoen Pokphand (CP) Indonesia’s $300m-$400m loan has been firmed up.
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A cluster of Indonesian loans hitting the market recently has broken the lull that prevailed in the third quarter. Bankers now expect deal flow from southeast Asia’s largest economy to be robust until the end of the year, with state owned and private sector companies getting in on the act, writes Shruti Chaturvedi.
