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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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Proof of the loan market being still open to Russian borrowers has come, with steelmaker Evraz signing a $425m five year pre-export credit facility with banks.
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The Asian operation of commodity major Mercuria Energy Group is in talks with banks to refinance a $1bn loan it raised in November 2013.
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Chinese smelter Yanggu Xiangguang Copper is looking for an offshore prepayment financing loan of $200m and has picked BNP Paribas to lead the deal.
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Kenya is ramping up its infrastructure financing drive, with both Kenya Pipeline Co. (KPC) and Kenya Power and Lighting Company (KPLC) pushing forward with long dated loan plans. The deals come amid a spate of Kenyan projects that look set to benefit not only the country itself but its neighbours in East Africa.
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Ukrainian iron miner Ferrexpo has said it has no further funding requirements for the year, having revealed it raised $41m in the first half through three “competitively priced” export financing credits paying less than 3% each.
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Akbank is set to sign a loan with banks this week on Thursday that will set the tone for Turkey’s second wave of bank refinancings.