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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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Vietnamese oil and gas firm PetroVietnam is looking at a $200m fundraising and has mandated two banks to lead the deal that is likely to open into general syndication soon.
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China’s Taiyuan Iron & Steel Co (Tisco) has opened a $100m three year bullet loan into limited syndication, with Standard Chartered as the lead. The funds are being borrowed by Tisco Stainless Steel HK.
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South Korean automobile manufacturer Kia Motors Corp is sounding out lenders for a $578m 10 year loan to finance the setting up of its Mexico operation.
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Turkey's İşbank has signed a $1.3bn equivalent one year term loan to refinance the $1.26bn deal it agreed last September. Its all-in cost of borrowing on the deal was 90bp over Libor and Euribor for the respective currencies, the same price it paid in May.
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Bank Rakyat Indonesia, which started sounding out lenders for a fresh fundraising in early May, has signed its $370m three year loan with a club of seven banks.
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The International Finance Corp will arrange up to €42.5m of financing for a new wind farm in Croatia, the Rudine project. As part of the deal, UniCredit will co-ordinate a €23.6m syndicated loan.