IFR 02.29.2020

60 International Financing Review February 29 2020

4HEûlNANCINGûWASûARRANGEDûBYû

Commerzbank and UniCredit Bank as

bookrunners and mandated lead arrangers.

Erste Bank, HSBC and ING are mandated

lead arrangers. Commerzbank is facility

agent.

VNG PLACES GREEN SSD

Natural gas company VERBUNDNETZ GAS has

placed a €100m green and digital

Schuldscheindarlehen.

The SSD, which can only be used for

environmentally sustainable purposes, has

four tranches with maturities of seven and

10 years.

4HEûlNANCINGûWHICHûWASûARRANGEDûBYû

NordLB and UniCredit, was marketed through

the Finpair digital platform.

.ORD,"ûISûlRSTûLENDERûANDûPAYINGûAGENTû

while UniCredit is green structuring adviser.

4HEûlNANCINGûWHICHûCLOSEDûSIGNIlCANTLYû

oversubscribed after high demand from

investors, was increased from €75m at

launch.

The use of proceeds was reviewed by

independent sustainability ratings agency

Imug.

4HEûlNANCINGûISûINûLINEûWITHû6.'Sûû

strategy which has a medium to long-term

focus on green gases, especially biogas and

renewable and decarbonised hydrogen.

Through its subsidiary Balance

Erneuerbare Energien, VNG has acquired

several biogas plants over the past few

months, making it one of the largest biogas

producers in central Germany.

IRELAND

ESB SIGNS €1.4bn SLL

ELECTRICITY SUPPLY BOARD has signed a €1.4bn

lVE

YEARûSUSTAINABILITY

LINKEDûLOANû

RElNANCINGûITSûEXISTINGûREVOLVINGûCREDITû

facility.

4HEûLOANûISûTHEûlRSTû3,,ûFORûANû)RISHûUTILITYû

and is ESB’s second transaction in the

SUSTAINABLEûlNANCEûMARKETSûAFTERûITSûDEBUTû

€500m green bond was launched in June

û)RELANDSûlRSTûCORPORATEûPUBLICûGREENû

bond.

4HEû3,,ûCONTAINSûSPECIlCûKEYû

performance indicators directly linked to

ESB’s 2030 Brighter Future Strategy.

By 2026 the company plans to reduce the

carbon intensity of their generation output

by 40% and to increase their renewable

generation output by 170% relative to 2018

carbon intensity and renewable generation

output.

The KPIs will be tested throughout the life

OFûTHEû3,,ûANDû%3"ûWILLûBENElTûFROMûANû

interest reduction if the KPI targets are met

or will pay a higher interest rate if the KPI

targets are not met.

ESB’s total renewable capacity is on target

to increase to almost 1 gigawatts in the

coming months once its Grousemount Wind

Farm in County Kerry comes into

commercial operation.

The company also has a number of

strategic partnerships developing other

renewable projects in solar, battery, onshore

and offshore wind in Ireland and the UK.

4HEûlNANCINGûISûBEINGûPROVIDEDûBYûAû

group of 14 international banks coordinated

by BNP Paribas, which is also acting as

sustainability coordinator.

The syndicate comprises Allied Irish Banks,

BBVA, Bank of Ireland, Barclays, BNP Paribas,

Danske Bank, HSBC, Intesa Sanpaolo, JP Morgan,

MUFG, Royal Bank of Canada, Societe Generale,

SMBC and Ulster Bank.

NORWAY

ADEVINTA SIGNS €600m REFI

/NLINEûCLASSIlEDSûCOMPANYûADEVINTA has

signed €600m of multi-currency term loan

and revolving credit facilities, replacing its

existing €300m bank facility that was put in

place last year as part of the company’s spin-

off from Schibsted.

The term loan has a three-year maturity

WHILEûTHEûREVOLVINGûCREDITûFACILITYûHASûAûlVE

year maturity with two additional one-year

extension options.

4HEûlNANCINGûINCLUDESûTHEûOPTIONûFORûAû

€120m increase.

DNB Markets and Danske Bank acted as

coordinators, mandated lead arrangers and

bookrunners on the transaction.

BNP Paribas and Swedbank joined as

mandated lead arrangers and bookrunners,

while JP Morgan and ING participated as lead

arrangers.

The previous multi-currency revolving

CREDITûFACILITYûHADûAûlVE

YEARûMATURITYûWITHûAû

one-year extension option.

AMERICAN SHIPPING NETS REFI

AMERICAN SHIPPING has agreed terms on

53MûOFûSENIORûSECUREDûLOANSûTOûRElNANCEû

most of its bank debt on improved terms.

4HEûRElNANCINGûALSOûPOSITIONSûTHEû

COMPANYûFORûRElNANCINGûITSû53Mûû

senior unsecured bonds due in February

2022.

4HEûLOANSûINCLUDEûAû53MûlVE

YEARû

facility A, comprising a US$90m term loan

and a US$70m revolving credit facility. The

FACILITYûISûSECUREDûONûlVEûVESSELSûANDûPAYSû

270bp over Libor.

Annual repayments are US$13.3m giving

THEûFACILITYûAû

YEARûREPAYMENTûPROlLE

4HEREûISûALSOûAû53MûlVE

YEARûTERMû

loan secured on four vessels and paying

325bp over Libor.

Annual repayments are US$9.7m, giving

THEûFACILITYûAû

YEARûREPAYMENTûPROlLE

AMSC has secured credit approvals from

SHIPûlNANCEûLENDERSûANDû53ûBANKSûANDûTHEû

loan is expected to close in the second quarter.

POLAND

EMITEL AGREES Z1.5bn REFI

Broadcasting infrastructure company EMITEL

has agreed a Z1.5bn (US$380m) loan to

RElNANCEûLOANSûTHATûWEREûAGREEDûINû

4HEû

YEARûlNANCINGûWHICHûALSOû

lNANCESûTHEûCOMPANYSûOPERATIONSûANDû

investments, includes an option to increase

THEûlNANCINGûBYû:M

"ANKSûPROVIDINGûTHEûlNANCINGûAREûBank

Handlowy w Warszawie, Bank Pekao, DNB Bank,

DNB Bank Polska, PKO Bank Polski and Societe

Generale.

DNB Bank Polska is facility agent.

Alinda Capital Partners-owned Emitel is

the largest terrestrial radio and television

infrastructure operators in Poland.

Emitel agreed an around Z1.7bn leveraged

LOANûRElNANCINGûANDûDIVIDENDûRECAPûINû*UNEû

2016.

WIRTUALNA NETS Z978m

Media and e-commerce group WIRTUALNA

POLSKA and a group of its subsidiaries has

signed Z978m (US$243m) of credit facilities

with a group of local banks.

The company and subsidiaries Wirtualna

Polska Media, TotalMoney, Wakacje and

Domodi, which acted as the guarantors,

signed the senior term, capital expenditure

and overdraft facilities with a bank

consortium comprising mBank, Powszechna

Kasa Oszczednosci Bank, ING Bank, Bank Polska

Kasa Opieki and BNP Paribas.

MBank was also facility agent.

The seven-year facilities include a Z602m

CAPEXûTRANCHEûTHATûWILLûBEûUSEDûTOûlNANCEû

acquisition and investment expenses.

4HEûREMAININGûlNANCINGûWILLûBEûUSEDûTOû

RElNANCEûAû$ECEMBERûûCREDITûFACILITYû

provided by mBank, Powszechna Kasa

Oszczednosci Bank and ING.

Pricing is linked to the group’s net-debt-

to-Ebitda ratio.

The capex tranche will be repaid in 16

quarterly instalments of up to Z240.8m,

payable from the second quarter of 2022,

ANDûUPûTOû:MûONûlNALûMATURITY

The remaining will be repaid in 20

quarterly instalments totalling up to

Z138.4m, starting from the second quarter

OFûûWITHû:MûDUEûONûlNALûMATURITY

9 IFR Loans 2322 p 55 - 72 .indd 60 28 / 02 / 2020 18 : 11 : 31