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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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Bookrunners and mandated lead arrangers DBS and ING have wrapped up a $150m loan that was issued to back the leveraged buyout of Minacs, the business process outsourcing unit of Indian company Aditya Birla Group. -
Beijing Enterprises Water Group has opened into syndication a $120m ‘B’ loan as part of a $240m fundraising that is supported by the Asian Development Bank (ADB). The ‘B’ loan of the deal could double in size, depending on demand.
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Chinese commodity trader Qingdao Develop Way Industrial Co has opened up a $120m three year loan, with Deutsche Bank as the mandated lead arranger and bookrunner. The loan comes with three guarantors, as well as security based on Glencore China’s accounts receivable.
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The Asian arm of Louis Dreyfus Commodities has closed syndication of its three year revolver at $500m, higher than its launch size of $300m, with the borrower’s relationship banks coming into the deal.
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Cosmetics packager HCP Global is targeting a US syndication for a $380m financing, banking on a strong reception from a market that is happy to invest in cov-lite deals. The facility is split into three and has a trio of banks at the top level.
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A consortium of five banks has won the mandate for Indian state-owned oil company Hindustan Petroleum Corp’s $200m five year loan, which features a $100m greenshoe.
