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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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Petron ups loan to $475m — PFC closes $250m — UAF gets HK$825m -
Asian offshore syndicated loans volumes have been running thin this quarter, thanks to stiff competition from the bond market and companies preferring to stay onshore amid ample liquidity. But the last few weeks have seen three borrowers make their offshore debuts, taking advantage of the lack of supply to get attractive pricing. Bankers say the time is ripe for lesser known issuers to venture into loans, writes Shruti Chaturvedi.
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The Loan Market Association’s syndicated loans conference held on Tuesday, attended by over 850 people, was a bullish affair, with loans bankers confident that M&A activity will provide enough supply to take the place of the refinancing which has dominated the business so far this year. A full 68% of attendees thought that the syndicated loan market would grow by at least 10% in the next year.
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Sharjah-based natural gas company Dana Gas has secured a $100m term loan, including a Shariah compliant tranche, for the Zora Field development project.
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Philippine oil refining company Petron Corp has closed its fundraising at $475m, higher than the launch size of $300m, with 17 lenders joining during general syndication.
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Indonesian oil and gas company Energi Mega Persada (EMP) is back in the market for a $200m four year financing. The loan, which consists of a senior tranche and a junior tranche, offers a generous margin and is being done on a best efforts basis by arrangers Credit Suisse and Deutsche Bank.
