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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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Five lenders have committed to join Indian company Rural Electrification Corp’s $170m loan. The transaction is the greenshoe portion of a larger borrowing. Funds for the original $230m have already been provided by the six bookrunners and mandated lead arrangers, which are syndicating the greenshoe on a best efforts basis. -
Cosmetics packaging company HCP Global, which pulled a US targeted loan of $380m in August, is now approaching Taiwanese lenders for another fundraising that will have the same use of proceeds as the stalled deal.
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South Korean car maker Kia Motors Corp is understood to have mandated six banks for a $578m loan that will go towards the setting up of a new production facility in Mexico.
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Qatar’s Ahli Bank has closed a $200m debut syndicated term loan facility, increasing the size of the deal after its initial amount was oversubscribed.
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The European Bank for Reconstruction and Development and the US Overseas Private Investment Corp have agreed to provide $25m loans each for a photovoltaic power plant in Jordan to help address the country’s energy shortages.
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Responses from banks are due this week on Mol’s request for proposals for a $500m to $1bn loan, say officials looking at the deal.
