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By Nick Flitterman

Coral South FLNG Closes

Coral South FLNG Closes

Financial close on the landmark $4.6 billion debt financing for the Coral South FLN project reached financial close yesterday.

Portland acted as ECA Advisor to Bank of China, China Eximbank, ICBC, KEXIM, KSURE, SACE and BPI (COFACE).

The project is an gas production and liquefaction development based on a floating LNG vessel offshore Mozambique. Project sponsors are Eni, CNPC, Kogas, GALP and ENH.

The project comprises the development of an offshore gas field connected to a floating gas processing, LNG liquefaction, storage and offloading vessel located above the field with a capacity of 3.5 million tonnes per annum.

To discuss this further, contact Geoff Knox on +44 20 7183 8387 or geoff.knox@portlandadvisers.com

or James Benbow on +44 20 7183 8389 or james.benbow@portlandadvisers.com

By Nick Flitterman

Yamal LNG Signs Final Loan agreements

Yamal LNG Signs Final Loan agreements

Today,  Yamal LNG signed 15 year loan agreements with the Euler Hermes and EKN for amounts of  €200 million and €225 million respectively.

Portland advised Euler Hermes and EKN in relation to this financing. The financing is the final piece of the overall $19 billion financing for the Yamal LNG project which also comprises facilities from Chinese and Russian lenders and loans supported by SACE, COFACE and JBIC.

Portland also advised China Development Bank, China Eximbank, EXIAR (the Russian export credit agency), SACE, COFACE and JBIC in relation to this ground-breaking financing.

For further information, contact Geoff Knox on geoff.knox@portlandadvisers.com

By Nick Flitterman

Yamal LNG signs €200 million JBIC deal

On 15 December 2016 Yamal LNG signed a 15 year loan agreement with the Japanese Bank for International Cooperation (JBIC). Portland advised JBIC in relation to this financing. The financing is the final piece of the overall $19 billion financing for the Yamal LNG project which also comprises facilities from Chinese and Russian lenders and loans supported by SACE and COFACE. Portland advised China Development Bank, China Eximbank, EXIAR (the Russian export credit agency), SACE, COFACE and JBIC in relation to this ground-breaking financing.

For further information contact Geoff Knox on +44 20 7183 8387 or geoff.knox@portlandadvisers.com

 

By Nick Flitterman

Yamal LNG signs €750 million SACE and COFACE deal

On 12 December 2016 Yamal LNG signed 15 year loan agreements supported by Servivi Assicuratavi del Commercio Esterio (SACE) and Compaignie Francaise d’Assurance pour le Commerce Exterieur (COFACE). Portland advised both SACE and COFACE in relation to these financings. These facilities are in addition to the $12 billion of financing provided by the Export-Import Bank of China and China Development Bank in April 2016, on which Portland also advised.

For further information contact Geoff Knox on +44 20 7183 8387 or geoff.knox@portlandadvisers.com

 

By Nick Flitterman

More accolades for Portland’s Seabras-1 Financing

More accolades for Portland’s Seabras-1 Financing

Following the award earlier in the year from Global Trade Review, Portland’s financing of the Seabras-1 cable project was today awarded the  “Perfect 10 ECA Finance Deal of the Year” by the prominent international magazine Trade & Export Finance. This award is given to the world’s best projects in the export credit agency/project finance market.

The Perfect 10 Award is the second award this quarter to recognize Seabras-1 as the first export credit agency-backed project financing of a subsea cable project in the 160-year history of the global telecommunications industry.

For more information, contact Nick Flitterman on +44 20 7185 8385 or nick.flitterman@portlandadvisers.com

By Nick Flitterman

Portland’s Seabras-1 financing named “Best Deal of 2015”

Portland’s Seabras-1 financing named “Best deal of 2015”

Following the achievement of Financial Close late in 2015, the landmark nature of the transaction has now been recognised as the Seabras-1 cable project was awarded “Best Deal of 2015” by Global Trade Review. Seabras-1 is the first Export Credit Agency-backed project financing of a subsea cable project in the history of the global telecommunications industry.

For further information, contact Nick Flitterman on +44 20 7183 8385 or nick.flitterman@portlandadvisers.com

By Nick Flitterman

US Ex-Im Bank board approves Indian Solar PV project

US Ex-Im Bank has announced that its Board of Directors has approved an export finance loan of US$ 9 million as part of the debt financing for a 11.6 MW solar PV project in Rajasthan, India sponsored by KSK Energy Ventures, an Indian power developer. Debt is being co-financed by IDBI Bank Ltd. Portland Advisers is acting as financial adviser to US Ex-Im Bank.

The solar panels for the project have been procured from Miasolé, a pioneer in the development of copper indium gallium selenide (CIGS) thin-film PV solar panels which are among the highest-efficiency and lowest-cost solar panels.

Click here for the official press release from US Ex-Im Bank.

For further information contact geoff.knox@portlandadvisers.com

 

 

By Nick Flitterman

O3b Closes New $137m financing

On 31st October 2011, O3b Networks, advised by Portland Advisers and HSBC, achieved Financial Close on a $137m incremental financing round for the construction of four additional satellites that will boost both capacity and redundancy its MEO satellite constellation.

Nick Flitterman, Portland’s Head of Telecoms and lead advisor to O3b said: “This is another great achievement for O3b and a testament to the strong support of its core investors and lenders for the company’s plan to bring high speed internet connectivity to those Other Three Billion people around the world. Despite continuing difficulties in the financial markets, and increasing pressures on US Dollar liquidity, we have succeeded in structuring the financing in a way that benefits all stakeholders and enables O3b to almost double its capacity over the emerging markets – a win-win for its investors, lenders and customers.”

The additional financing comprises an US$85m Coface-backed Senior Debt Facility provided by HSBC, ING, CA-CIB and Dexia and an additional $52m of equity provided by a group of the existing shareholders and a new investor, Luxempart.

O3b’s shareholders include leading  satellite operator SES, Google, the global cable operator Liberty Global, HSBC Principal Investments, the Development Bank of South Africa, Sofina and Satya Capital, with SES now the largest minority shareholder.

For more information on this transaction, or on related topics, please contact Nick directly on nick.flitterman@portlandadvisers.com or +44 20 71 83 83 85.  Also see the Case Study describing the role Portland Advisers.

Press coverage of the financing can be find by clicking on the links below.

www.o3bnetworks.com

https://www.sys-con.com/node/2058566

Yamal LNG Signs Final Loan agreements
More accolades for Portland’s Seabras-1 Financing
Portland’s Seabras-1 financing named “Best Deal of 2015”