IFR International - 20.10.2018

NORWAY

NORECO TAKES US$900m RBL LOAN

NORWEGIAN ENERGY COûISûBACKINGûITSû53BNû
ACQUISITIONûOFû2OYALû$UTCHû3HELLSû
upstream assets in Denmark with a
53MûSEVEN
YEARûRESERVEûBASEDû
lending facility.
4HEûlNANCINGûPROVIDEDûBYûBMO Capital
Markets, Deutsche Bank and Natixis, has a sub-
LIMITûOFû53MûFORûLETTERSûOFûCREDIT
4HEûACQUISITIONûISûALSOûBEINGûlNANCEDû
THROUGHûANûUPûTOû53MûEIGHT
YEARû
CONVERTIBLEûBONDûAû53MûPRIVATEû
PLACEMENTûOFûSHARESûANDûAû53Mû
subsequent offering to existing
shareholders.
To part-fund the initial payment to Shell,
.ORECOûWILLûAGREEûAû53MûDEPOSITûLOANû
WITHûITSûLARGESTûSHAREHOLDERSûINCLUDINGû#13û
Kite Lake, Taconic, and funds managed or
ADVISEDûBYû9ORKû#APITALû4HEûDEPOSITûLOANû
WHICHûWILLûPAYûlXEDûINTERESTûOFûûWILLûBEû
rolled into the convertible bond no later
THANû/CTOBERûû
Interest on the convertible bond will be
payment-in-kind with additional bonds at
ûWITHûTHEûPOSSIBILITYûFORû.ORECOûTOûCHOOSEû
TOûPAYûCASHûINTERESTûOFûû4HEûBONDûISûNON
CALLABLEûFORûTHEûlRSTûûMONTHS
The acquisition will make Noreco, which
is making the acquisition through wholly-
owned subsidiary Altinex AS, the second
largest oil and gas producer in Denmark.
#OMPLETIONûOFûTHEûACQUISITIONûISûTARGETEDû
FORûTHEûlRSTûHALFûOFû

QATAR

AL KHALIJI TAPS ASIAN LENDERS

AL KHALIJI COMMERCIAL BANK is tapping the Asian
LOANûMARKETûFORûAû53MûLOAN
Mizuho Bank is the sole mandated lead
arranger and bookrunner of the deal, which
HASûAû53MûGREENSHOEûOPTION
The bullet term loan has tenors of two
years and three years, but the tranche splits
WILLûBEûlNALISEDûATûCLOSEûOFûSYNDICATION
4HEûINTERESTûMARGINSûAREûBPûANDû
BPûOVERû,IBORûFORûTHEûRESPECTIVEû
maturities.
Banks have been invited to join as MLAs
WITHûCOMMITMENTSûOFû53MûORûMOREûFORû
ALL
INûPRICINGûOFûBPûANDûBPûRESPECTIVELYû
for the two and three-year portions via
UPFRONTûFEESûOFûBPûANDûBPû,EADûARRANGERSû
WITHûTICKETSûOFû53nMûEARNûALL
INûPRICINGû
OFûBPûANDûBPûRESPECTIVELYûVIAûUPFRONTû
FEESûOFûBPûANDûBP
Funds are for general corporate purposes.
4HEû1ATARû)NVESTMENTû!UTHORITYûOWNSû

ABOUTûûOFûTHEû$OHA

HEADQUARTEREDû

BORROWERûWHICHûISûRATEDû!!û-OODYS&ITCH    

SWEDEN

AMBEA TAPS FOR ALERIS BUY

.ORDICûHEALTHCAREûSERVICESûlRMûAMBEA is

backing its acquisition of the care

operations of Aleris in Norway, Sweden and

$ENMARKûWITHû3+RBNû53M  ûOFûLOANS

4HEûlNANCINGûINCLUDESûAû3+RBNû

revolving credit facility with a three-year

maturity plus two one-year extension

options.

4HEREûISûALSOûAû3+RBNûBRIDGEûLOANûFORû

nine months plus two three-month

extension options.

!MBEAûINTENDSûTOûRElNANCEûTHEûBRIDGEû

loan though a rights issue, which is

EXPECTEDûTOûBEûCOMPLETEDûINûTHEûlRSTûHALFûOFû



The loans were arranged by Danske Bank,

DNB and Nordea.

!MBEAûHASûAGREEDûTOûACQUIREû!LERISû#AREû

FORûANûENTERPRISEûVALUEûOFû3+RBNûWITHûAû

lNALûPURCHASEûPRICEûOFûAROUNDû3+RBN

The acquisition is expected to close in the

lRSTûQUARTERûOFû

SWITZERLAND

ECOM BAGS SOCIAL IMPACT RCF

!GRICULTURALûCOMMODITIESûlRMûECOM

AGROINDUSTRIAL CORPûHASûSIGNEDûAû53Mû

REVOLVINGûCREDITûFACILITYûTOûRElNANCEûANû

EXISTINGû53Mû2#&ûTHATûWASûORIGINALLYû

AGREEDûINû/CTOBERûûANDûSUBSEQUENTLYû

EXTENDEDûFORûANûADDITIONALûYEARûINû

4HEûMULTICURRENCYûlNANCINGûCOMPRISESûAû

53MûTHREE

YEARûFACILITYûWITHûONEûONE

YEARûEXTENSIONûOPTIONûANDûAû53Mû

one-year facility with three one-year

extension options.

Pricing on both facilities is linked to

%#/-SûSOCIALûIMPACTûOBJECTIVES

Any social impact discount received by

%#/-ûWILLûBEûDISTRIBUTEDûINTOûTHEû%#/-û

&OUNDATIONûAûNOT

FOR

PROlTûORGANISATIONû

supporting projects in origin-producing

COMMUNITIESûANDû%#/-Sû3USTAINABLEû

Management Services division, a support

FUNCTIONûWITHINû%#/-ûTHATûPROVIDESû

agronomy services and technical assistance

to farmers and communities.

4HEûlNANCINGûCLOSEDûOVERSUBSCRIBEDûFROMû

a group of existing lenders and two new

BANKSû,ENDERSûCOMMITMENTSûWEREûSCALEDû

back.

Active bookrunners and mandated lead

arrangers were ABN AMRO, BNP Paribas and

Commerzbank, while HSBC, ING, Natixis,

Rabobank, RBI and Zurcher Kantonalbank were

bookrunning mandated lead arrangers.

Lead arrangers were Banco do Brasil,

Deutsche Bank, KFW Ipex-Bank, UBS and

UniCredit. Arrangers were Agriculture Bank of

China, MUFG, Credit Agricole, DZ Bank, Garanti

Bank, KBC, Nedbank, OCBC, Societe Generale and

Wells Fargo.

Participants were BCGE and BIC-BRED.

%#/-ûFOCUSESûPRIMARILYûONûCOFFEEûCOTTONû

and cocoa, as well as participating in

selected other agricultural product markets.

4HEûCOMPANYûISûACTIVEûINûOVERûûCOUNTRIES

GUNVOR CLOSES US$745m FACILITY

Energy commodity trader GUNVOR has closed

Aû53MûSECUREDûBORROWINGûBASEûFACILITYû

which links the interest rate to the

COMPANYSûPERFORMANCEûTOWARDSû

sustainability targets.

The facility renews an existing borrowing

base facility providing working capital for

'UNVORSû!NTWERPûANDû2OTTERDAMûRElNERIES

'UNVORûISûTHEûlRSTûENERGYûCOMMODITIESû

lRMûTOûLINKûONEûOFûITSûlNANCINGSûTOûYEAR

ON

year improvements in areas such as

transparency, governance and the

environment.

5NDERûTHEûlNANCINGû'UNVORûWILLûRECEIVEû

a discount on its interest rate if it meets its

sustainability targets. If the company

severely underperforms on the targets, it

will have to pay a premium.

4HEûSPECIlCûTARGETSûAREûRELATEDûTOûTHEû

environment, social impact and governance,

INCLUDINGûREDUCTIONSûINû#/ûEMISSIONSû

waste and water management,

improvements to personnel safety at

RElNERIESûANDûTRANSPARENCYûINûTHEûREPORTINGû

of feedstock origination.

2ELATEDûSAVINGSûFROMûTHEûPOTENTIALLYû

lower interest rate will go to supplement

funding for the recently launched Gunvor

&OUNDATIONûAûNOT

FOR

PROlTûENTITYûDEDICATEDû

to philanthropic giving.

4HEûlNANCINGûWILLûSERVEûASûAûTESTûRUNûFORûAû

more expanded future programme for

'UNVORSûlNANCINGSûTHEûCOMPANYûSAID

“By partnering with our banks to set goals

that achieve substantive results, we are

demonstrating the seriousness with which

we integrate sustainability into our

business,” said Jacques Erni, Gunvor Group

CHIEFûlNANCIALûOFlCER

4HEûlNANCINGûCLOSEDûSIGNIlCANTLYû

oversubscribed from a group of banks,

including existing and new lenders, led by sole

coordinator and active bookrunner ING Bank.

ING was also sustainability coordinator,

security agent, facility agent and fronting

bank on the transaction.

DBS Bank, Societe Generale, Rabobank, ABN

AMRO, CA Indosuez (Switzerland), Credit Suisse,

Mizuho, Nedbank, Sumitomo Mitsui Trust Bank,