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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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A portion of Tata Steel’s $5.6bn borrowing, which has been in senior syndication since July, finally launched into general on October 13, with five banks joining the original 11 leads. The money will be used to refinance the outstanding portion of the debt Tata took to fund its acquisition of Europe’s Corus Group. -
ICBC Financial Leasing, a subsidiary of Industrial and Commercial Bank of China, is raising a $350m loan onshore, with five mandated lead arrangers and bookrunners. The company is having to pay a premium of over 40bp for accessing dollars onshore.
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Indonesian power company Pertamina has zeroed in on 12 lenders for its latest financing. The size of the deal has almost doubled to $1.8bn from the $1bn it was seeking in its request for proposals in September.
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Indonesian conglomerate Astra International is close to winding up a $300m club loan with eight lenders.
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State owned IT company China Electronics Corp’s $1bn five year term loan for a thin-film-transistor liquid crystal display (TFT LCD) project in Nanjing was launched into general syndication on October 9.
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Tentative allocations are out for smartphone maker Xiaomi’s $1bn dual tranche loan. The deal has proved popular as bankers are eager to lend to the company that has ambitious plans for global expansion.
