IFR Magazine – June 08, 2019

LOANS EMEA

!Sû)NlNEONûISûCOMMITTEDûTOûRETAININGûAû
SOLIDûINVESTMENT
GRADEûRATINGûITûINTENDSûTOû
lNANCEûAROUNDûûOFûTHEûTOTALûTRANSACTIONû
VALUEûWITHûEQUITYûANDûTHEûREMAINDERûWITHû
DEBTûASûWELLûASûCASHûONûHANDû)NlNEONûSAID
)NlNEONûHASûAGREEDûTOûACQUIREû#YPRESSûFORû
53ûPERûSHAREûINûCASHû4HEûACQUISITIONû
ISûEXPECTEDûTOûCLOSEûBYûTHEûENDûOFûûORû
EARLYû
#REDITû3UISSEûANDû*0û-ORGANûAREûLEADû
lNANCIALûADVISERSûTOû)NlNEONûWHILEû"ANKûOFû
!MERICAû-ERRILLû,YNCHûISûlNANCIALûADVISER
)NlNEONûISûRATEDû"""ûBYû30

CODIC TAPS FOR DEVELOPMENT

0ROJECTûDEVELOPERûCODIC DEVELOPMENT has
AGREEDûAûõMûSYNDICATEDûLOANûTOûBACKûTHEû
DEVELOPMENTûOFûTHEû-IZALûOFlCEûPROPERTYûINû
$USSELDORFSû-EDIENHAFEN
4HEûlNANCINGûWASûSTRUCTUREDûBYû
MANDATEDûLEADûARRANGERûDeutsche
Pfandbriefbank with Kreissparkasse Koln ALSOû
PARTICIPATING
+REISSPARKASSEû+OLNûHADûPREVIOUSLYû
lNANCEDû#/$)#SûACQUISITIONûOFûTWOûPLOTSûOFû
LANDûFORûTHEûDEVELOPMENTûINû*UNEû
4HEû-IZALûOFlCEûDEVELOPMENTûWHICHûISû
SCHEDULEDûFORûCOMPLETIONûINûûCOMPRISESû
AROUNDûûSQUAREûMETRESûOFûOFlCEûSPACEû
ASûWELLûASûûUNDERGROUNDûPARKINGûSPACESû
4HEûCENTREPIECEûOFûTHEûCAMPUSûISûTHEû
STORYû
-IRADORûOFlCEûBUILDING

LUXEMBOURG

MILLICOM ADDS US$300m TL

,UXEMBOURG
BASEDûTELECOMSûANDûMEDIAû
group MILLICOM INTERNATIONAL CELLULAR agreed
Aû53MûlVE
YEARûTERMûLOANûASûPARTûOFûTHEû
FUNDINGûOFûITSûACQUISITIONûOFû4ELEFONICASû
OPERATIONSûINû0ANAMAû#OSTAû2ICAûANDû
.ICARAGUA
4HEûlNANCINGûPAYSûAûMARGINûOFûBPû
OVERû,IBORûFORûNETûLEVERAGEûOFûLESSûTHANûû
TIMESûORûBPûFORûNETûLEVERAGEûOFûûTIMESû
ORûGREATER
!NûINITIALûCOMMITMENTûFEEûONûUNDRAWNû
FUNDSûOFûBPûFORûTHEûlRSTûûDAYSûOFûTHEû
SIX
MONTHûAVAILABILITYûPERIODûRISESûTOûBPû
FORûTHEûRESTûOFûTHEûAVAILABILITYûPERIOD
-)#ûHASûDRAWNû53MûOFûTHEûlNANCING
4HEûlNANCINGûWASûARRANGEDûBYûDNB Bank
and Nordea BankûWITHû$."û"ANKûASûFACILITYû
AGENT
4HEûACQUISITIONûOFû4ELECOMû#!-ûWASû
INITIALLYûBACKEDûWITHûAû53BNûONE
YEARû
BRIDGEûLOANûFROMû-ORGANû3TANLEYû'OLDMANû
3ACHSûANDû*0û-ORGAN
/Nû!PRILûû53MûOFûTHEûBRIDGEûLOANû
WASûCANCELLED
)Nû$ECEMBERûû-)#ûCOMPLETEDûTHEû
53BNûACQUISITIONûOFû0ANAMASû#ABLEû/NDA

4HATûDEALûWASûBACKEDûWITHûANûINITIALû

53BNûBRIDGEûLOANûFROMû".0û0ARIBASû&ORTISû

'OLDMANû3ACHSû*0û-ORGANûANDû"ANKûOFû

.OVAû3COTIA

4HEûLOANûWASûREDUCEDûTOû53MûINû

$ECEMBERûûAFTERûTHEûCOMPANYûISSUEDûAû

53MûûBONDûDUEûINûûANDûWASû

THENûREPAIDûINûFULLûANDûCANCELLEDûINû-ARCHû



RUSSIA

ACRON AMENDS US$750m LOAN

&ERTILISERûBUSINESSûACRON GROUP has signed an

amend and extend agreement for its

53MûlVE

YEARûPRE

EXPORTûlNANCEû

FACILITYûTHATûWASûORIGINALLYûSIGNEDûINû-AYû

ûBECOMINGûTHEûLATESTû2USSIANûBORROWERû

TOûTAKEûADVANTAGEûOFûLENDERûLIQUIDITY

5NDERûTHEûTERMSûOFûTHEûAGREEMENTûTHEû

FACILITYûHASûBEENûEXTENDEDûFORûTWOûYEARSûANDû

THEûGRACEûPERIODûHASûBEENûEXTENDEDûFROMû

TWOûTOûFOURûYEARS

ING and UniCredit Bank acted as

COORDINATORSûANDûBOOKRUNNERSûONûTHEûDEALû

4HEûBANKûGROUPûCOMPRISESûHSBC, Bank ICBC,

SGBT Finance Ireland DAC, Rosbank, Credit

Agricole CIB, Sberbank and Bank of China

(Russia)

).'ûALSOûACTEDûASûFACILITYûAGENT

h4HEûDEALûPROVESûTHATû!CRONû'ROUPûHASû

HIGHûBORROWINGûCAPACITYûANDûSIGNIlCANTLYû

IMPROVESûOURûLIQUIDITYû"YûCLOSINGûTHISû

TRANSACTIONûWEûALMOSTûCOMPLETELYûCOVERûOURû

RElNANCINGûNEEDSûFORûNEARûFUTUREvûSAIDû

$MITRYû"ALANDINû!CRONSûGROUPûVICEû

PRESIDENTûFORûlNANCEûANDûECONOMICS

!CRONûISûTHEûLATESTû2USSIANûCORPORATEûTOûTAKEû

ADVANTAGEûOFûTHEûDISPARITYûBETWEENûSUPPLYûANDû

DEMANDûINûTHEû2USSIANûLOANûMARKETûOVERûTHEû

LASTûYEARûTOûLOCKûINûFAVOURABLEûTERMSûANDû

REDUCEûTHEûNEEDûTOûTAPûTHEûLOANûMARKETûINûTHEû

SHORTûTOûMEDIUMûTERM

h&ORûTHEûRESTûOFûTHEûYEARû)ûTHINKûWEûWILLû

MOSTLYûSEEûAMENDMENTSûOFûEXISTINGûDEALSû

RATHERûTHANûCOMPLETELYûNEWûRElNANCINGSvû

SAIDûONEûBANKERûACTIVEûINûTHEû2USSIANû

MARKET

)Nû-ARCHûMETALSûCOMPANYûMETALLOINVEST,

ONEûOFû2USSIASûMOSTûFREQUENTûCORPORATEû

BORROWERSûSAIDûINûITSûûYEAR

ENDû

lNANCIALûREPORTûTHATûITûHADûALMOSTûNOûLOANû

REPAYMENTSûDUEûINûûFOLLOWINGûEXTENSIVEû

AMENDMENTSûOFûITSûEXISTINGûLOANûPORTFOLIOûONû

BETTERûTERMSûREDUCINGûPRICINGûANDORû

EXTENDINGûOUTûMATURITIES

4HESEûINCLUDEDûAû53MûREVOLVINGû

CREDITûFACILITYûSIGNEDûINû&EBRUARYûûWITHû

).'ûWHICHûWASûINCREASEDûTOû53MûANDû

EXTENDEDûFROMûûTOûû)TûALSOû

AMENDEDûTHEûTERMSûOFûAû53MûTRANCHEûOFû

Aû53BNûPRE

EXPORTûlNANCINGûTHATû

SIGNEDûINû-AYûû4HEûMATURITYûONûTHEû

TRANCHEûWASûEXTENDEDûFROMû

ûTOû



ûANDûPRICINGûWASûREDUCED

-ETALLOINVESTûSAIDûTHEûCHANGESûHAVEû

RESULTEDûINûAûREDUCTIONûOFûAVERAGEûDEBT

SERVICINGûCOSTSûAûDECREASEûOFûNETûDEBT%BITDAû

RATIOûTOûûTIMESû

ûITSûLOWESTûSINCEûû

ûANDû

AûREDUCTIONûOFûûSCHEDULEDûLOANû

PAYMENTSûTOûALMOSTûZERO

URALKALI RAISES US$1.44bn PXF

0OTASHûPRODUCERûURALKALIûHASûSIGNEDûAûDUAL

TRANCHEû53BN

EQUIVALENTûlVE

YEARû

PRE

EXPORTûlNANCINGûWITHûAûGROUPûOFûû

BANKS

4HEûLOANûCOMPRISESûAû53MûTRANCHEû

ANDûAûõMûTRANCHEûPAYINGûMARGINSûOFû

BPûOVERû,IBORûANDûBPûOVERû%URIBORû

RESPECTIVELYû4HATûRATEûNEARLYûHALVESûTHEû

MARGINûONû5RALKALISûûLOANûTHATûISûBEINGû

RElNANCEDûWHICHûPAIDûBPûOVERû,IBORûANDû

WASûCOORDINATEDûBYû).'û.ATIXISûANDû

5NI#REDITû"ANK

Credit Agricole CIB and ING WEREûGLOBALû

COORDINATORSûONûTHEûNEWûLOAN

4HEYûWEREûJOINEDûBYûCommerzbank, Natixis,

Societe Generale, Societe Generale Bank & Trust

Credit International, Alfa Bank and UniCredit

Bank ASûMANDATEDûLEADûARRANGERSûANDû

BOOKRUNNERS

Intesa Sanpaolo Bank Ireland and MUFG were

MANDATEDûLEADûARRANGERSûWHILEûBank of America

Merrill LynchûWASûLEADûARRANGERûRaiffeisenbank

and Deutsche Bank WEREûARRANGERSûWHILEûChina

Construction BankûWASûAûLENDER

).'ûALSOûACTEDûASûDOCUMENTATIONûAGENTû

ANDû#REDITû!GRICOLEû#)"ûASûFACILITYûANDû

SECURITYûAGENT

).'û2OSBANKûANDû5NI#REDITû"ANKûAREû

2USSIANûACCOUNTûBANKSûFORûTHEûFACILITYûWHICHû

WILLûBEûUSEDûFORûTHEûRElNANCINGûOFû5RALKALISû

EXISTINGûLOANSûANDûGENERALûCORPORATEûPURPOSES

h4HEûCOMPANYûSUCCEEDEDûTOûATTRACTûTHEûALL

TIMEûLARGESTûSYNDICATEDûANDûlRSTû

DUAL

CURRENCYûLOANûINûITSûHISTORYxINûLIGHTûOFû

THEûRECENTûOUTLOOKûREVISIONûOFûTHEûCOMPANYû

FROMûSTABLEûTOûPOSITIVEûBYû3TANDARDûû0OORSvû

SAIDû!NTONû6ISHANENKOû5RALKALIû#&/

5RALKALIûWASûLASTûINûTHEûMARKETûINû*UNEû

ûWHENûITûRAISEDûAû53MûlVE

YEARû

SYNDICATEDûLOANûTHATûPAIDûAûMARGINûOFûBPû

OVERû5RALKALIûALSOûRAISEDûANû53Mû08&ûINû

ûWHICHûPAIDûAûMARGINûOFûBP

SOUTH AFRICA

SASOL SIGNS US$1.8bn REFI

/ILûANDûGASûGROUPûSASOLûHASûSIGNEDû53BNû

SENIORûUNSECUREDûCREDITûFACILITIES

4HEûBORROWERûISûSUBSIDIARYû3ASOLû

&INANCINGû53!û0ROCEEDSûWILLûBEûUSEDûTOûFULLYû

RElNANCEûTHEû,AKEû#HARLESû#HEMICALû0ROJECTû

ASSETûlNANCEûLOAN