DP World Launches $9 Billion Financing
UAE global port operator DP World has launched a $9 billion financing into a targeted syndication process involving less than 10 banks, according to banking sources.The financing, which backs the borrower's privatization, was expected to sell down in a general syndication, but instead DP World decided to offer the deal to a select group of relationship banks.“(The deal is) going out to less than ten relationship banks that have already showed interest in the deal but were unable to join in the senior phase…
Reduced Appetite Expected for DP World’s $9bn Loan
Appetite for UAE global port operator DP World's $9bn loan financing is expected to weaken due to market turmoil caused by the coronavirus, bankers said.The loan was fully underwritten by Citigroup and Deutsche Bank, and went out to a wider group of DP World’s relationship banks in senior syndication, which closed at the end of last week, one of the bankers said.These banks included Abu Dhabi Commercial Bank, MUFG, Emirates NBD, First Abu Dhabi Bank and HSBC, a second banker said.“Senior…
IMO's 2050 Decarbonization Target Has $1 Trillion Pricetag
At least $1 trillion of investment in new fuel technology is needed to enable the shipping industry to meet U.N. targets for cuts in carbon emissions by 2050, a study published on Monday showed.The global shipping fleet, which accounts for 2.2% of the world's CO2 emissions, is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.U.N. shipping agency, the International Maritime Organization (IMO), aims to reduce the industry's greenhouse gas emissions by 50% from 2008 levels by 2050…
Orsted Raises $660m Green Finance
Denmark-based energy giant successfully issued green hybrid capital securities for €600m ($660m) to refinance existing securities issued in 2015.The latest issue will have a maturity in 3019 and first call option after eight years, the Danish energy company said.Investments undertaken by Ørsted A/S in green renewable energy projects will be allocated to the new issue corresponding to the amount issued in accordance with Ørsted’s Green Finance Framework, which has received a second opinion with a Dark Green shading from Cicero.Ørsted A/S is rated Baa1…
Shipping Sector Sets Course for Zero Carbon
Leading ports, banks, oil and shipping companies on Monday launched an initiative which aims to have ships and marine fuels with zero carbon emissions on the high seas by 2030, in another step by the maritime sector to reduce CO2.International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.'s International Maritime Organization (IMO), has a long-term goal to cut greenhouse gas emissions by 50% from 2008 levels by 2050.Achieving this target will…
'Green' Focus for Citigroup's Shipping Finance Chair
Citigroup's veteran shipping finance banker Michael Parker is to become chairman of the bank's shipping & logistics business, a role which will include bolstering the lender's environmental focus in the sector, Citi said on Thursday.In June, Citi was among a group of leading banks who signed up to environmental commitments known as the "Poseidon Principles."These will for the first time integrate efforts to cut CO2 emissions into banks' decision making when providing loans to shipping companies.The initiative highlights how businesses are having to respond to moves by investors around the worl
Being Green: Banks Consider CO2 Emissions in Shipping Loans
A group of leading banks will for the first time include efforts to cut carbon dioxide emissions in their decision making when providing shipping company loans, executives said on Tuesday.International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.'s International Maritime Organization (IMO), has a long-term goal to cut greenhouse gas emissions by 50% from 2008 levels by 2050.Working with non-profit organisations the Global Maritime Forum, the Rocky Mountain Institute and London University's UCL Energy Institute…
Norton Rose Fulbright, Citibank on USD 2.2bln Danaos Corp Restructuring
Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements…
Port of Corpus Christi Raises USD 216mln for Ship Channel Expansion
Port of Corpus Christi successfully priced and sold $216.2 million of Senior Lien Revenue Bonds. These bonds will be used for both the deepening and widening of the Corpus Christi Ship Channel as well as upcoming capital projects within the Port.Wells Fargo Securities acted as Lead Manager of a syndicate of underwriters including JP Morgan, Citigroup, and Frost Bank.“We are pleased with the level of interest the institutional investment community demonstrated for both series of our bonds.” said Sean Strawbridge, CEO of the Port of Corpus Christi.
Port of Corpus Christi Raises $216.2 Mln in Bond Sale
The Port of Corpus Christi said it has raised $216.2 million to support the deepening and widening its ship channel and other projects through a Senior Lien Revenue Bonds sale.“We are pleased with the level of interest the institutional investment community demonstrated for both series of our bonds,” said Sean Strawbridge, CEO of the Port of Corpus Christi. “This round of funding will help the Port of Corpus Christi further progress our ambitious yet achievable capital investment…
Corpus Christi Gearing Up to Handle US Shale Export Boom
Port officials on Tuesday are expected to consider $300 million in financing that would prepare the country's largest oil-export port - Corpus Christi, Texas - to handle a surge in U.S. shale production over the next five years.International buyers would like more U.S. crude but are unable to get it because of infrastructure constraints along the U.S. Gulf Coast. Terminals originally designed for imports only recently have revamped operations to handle exports including accepting…
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank, Credit Agricole CIB, HSBC Bank and ING Bank were active bookrunners on the transaction.
Dawson, Karakassis appointed Managing Directors, Hansa Heavy Lift
Steve Dawson and Alex Karakassis have been appointed Managing Directors of HANSA HEAVY LIFT GmbH, taking over from outgoing Chief Executive Officer (CEO) Roger Iliffe, with immediate effect. Dawson will oversee HANSA HEAVY LIFT’s engineering, technical, and operational activities, and Karakassis, who remains Chief Financial Officer (CFO), will oversee the company’s commercial and financial activities. Both have been with HANSA HEAVY LIFT since its inception in 2011. Roger Iliffe has left in order to focus on independently pursuing other opportunities.
WFW Advises Teekay on Major Financing Initiatives
International law firm Watson Farley & Williams LLP (“WFW”) advised long-standing client Teekay on the successful completion of financing initiatives for Teekay Corporation and Teekay Offshore Partners LLP (“TOO”). This included assisting TOO on US$400m of secured bank financing and the raising of US$200m in fresh equity capital along with the deferment of certain bond maturity dates, whilst parent company Teekay Corp completed US$350m of bank financing and raised a further US$100m in equity capital.
Spivak Appointed CFO, Seaspan
Seaspan Corporation announced today that David Spivak is joining the Company as its Chief Financial Officer, starting May 2, 2016. Mark Chu will continue to serve as interim CFO until David's arrival, whereupon Mark will continue in his current roles as Vice President, Corporate Development and General Counsel. David has over 20 years of corporate finance and global capital markets experience. From 1995 to 2012, he worked at Citigroup, serving in various roles, including as a…
Struggling U.S. O&G Companies Eye Rare Financing Deals
Some cash-strapped U.S. oil and gas companies are considering creating an unusual layer of debt as a way of surviving the rout in oil and gas prices, according to restructuring advisors. Chesapeake Energy Corp for example is considering the strategy to swap some of its roughly $9 billion debt. Severely distressed companies may issue so-called 1.5 lien debt, sandwiched between the first and second liens, to raise new capital. Investors with a stomach for risk would get a better yield than for the top debt, and have a stronger claim than junior creditors if the company filed for bankruptcy.
Hapag-Lloyd in US$500 mln IPO
German container carrier Hapag-Lloyd is looking to sell shares for a total US$500 million, and will seek listings in Hamburg and Frankfurt before the end of 2015. Hapag-Lloyd has confirmed that it is preparing for a US500 million initial public offering (IPO) this year, with the expectation that it will use some of the proceeds to order ultra large containerships. "This move will give us better access to the capital markets which will enable us to further invest in our business to become more competitive," Reuter quoted Hapag-Lloyd Chief Executive Rolf Habben Jansen as saying.
Poseidon Containers Launches IPO
Poseidon Containers Holdings Corp. announced today the commencement of its initial public offering (IPO) of 15,380,000 common shares. The company said it will grant the underwriters a 30-day option to purchase up to 2,307,000 additional common shares. The estimated price range for the offering is $14 to $16 per common share. The company expects to use the net proceeds of the offering to fund a portion of the contracted purchase price of four containerships that it has agreed to…
Euronav NV IPO in the US
Euronav NV announced today the upsizing and pricing of its initial public offering in the United States. The size of the offering has been increased from the initially announced 13,550,000 ordinary shares to 16,260,000 ordinary shares at an issue price per share of USD 12.25 for gross base proceeds of USD 199,185,000. The Company has granted the underwriters a 30-day option to purchase up to an additional 2,439,000 ordinary shares. The Company’s ordinary shares offered in the…
Storied Oil Trader Phibro Winds Down
Phibro, the storied energy trading firm run by famed oil investor Andrew Hall, is winding down in its current form, laying off some U.S. employees and pursuing a sale of some overseas operations, sources said on Tuesday. The divestment by Occidental Corp, which bought Westport, Connecticut-based Phibro from Citigroup Inc five years ago, will allow Hall to focus more squarely on his $3 billion Astenbeck hedge fund, one of the world's largest oil-focused funds. One source familiar with the matter said around a dozen U.S.
Caterpillar to Participate in Citi 2014 Industrials Conference
Caterpillar Inc. Vice President with responsibility for Strategic Services Mike DeWalt and Director of Investor Relations Rich Moore will speak at the Citi 2014 Industrials Conference on Tuesday, September 23. scheduled to speak at 2:45 p.m. Eastern Time. The presentation materials will be available at caterpillar.com/presentations. The event will be webcast in real-time and available to the public at http://www.veracast.com/webcasts/citigroup/industrials2014/09210239792.cfm.
Transocean Prices Initial Public Offering
Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced the pricing of its initial public offering of 17,500,000 common units representing limited liability company interests at $22.00 per unit. All of the common units are being offered by Transocean Partners Holdings Limited, a wholly owned subsidiary of Transocean Ltd. Transocean Partners Holdings Limited has also granted the underwriters of the offering a 30-day option to purchase up to an additional 2,625,000 common units.
DP World Raises $1B
DP World took advantage of strong market conditions and scarcity value to raise a $1 billion convertible bond with a ten year lifespan on Thursday, in order to fund growth opportunities and diversify its funding sources. The issue is a rare example of an international convertible bond from a Middle Eastern company and comes at a time when convertible bonds have drawing investors' attention following a spate of issuance by European firms. Pricing for DP World's debut convertible…
Mexico Orders Arrest of CEO in Oceanografia Fraud Probe
The Mexican Attorney General's office has ordered the arrest of the chief executive of oil services company Oceanografia, which is at the center of a fraud probe involving Citigroup Inc's local unit Banamex. Oceanografia CEO Amado Yanez is under police protection in hospital after undergoing emergency surgery on May 20, a statement from the attorney general's office said on Thursday. Yanez, who is also majority owner of Oceanografia, would be formally placed under arrest once he had left hospital, a spokesman for the attorney general's office said.
Fincantieri Files for Milan IPO
Italy's Fincantieri said on Tuesday it had filed a request to list its shares on the Milan bourse, as state lender Cassa Depositi e Prestiti (CDP) moves to offer private investors a minority stake in the ship building company. The disposal of Fincantieri - wholly owned by CDP, which in turn is controlled by Italy's treasury - is part of a new wave of privatisations the Rome government announced at the end of last year. Banca IMI, Credit Suisse, JPMorgan, Morgan Stanley and UniCredit CIB are global coordinators of the offering.
Hapag-Lloyd Successfully Places Bond
Volume of EUR 250 million / Coupon at 7.75% / Bond was several times oversubscribed. Hapag-Lloyd AG has successfully placed a bond with a volume of EUR 250 million with institutional investors. The bond with a maturity of five years has a coupon of 7.75% and was several times oversubscribed. The emission price was 100.00%. The proceeds of the bond will be used for general corporate purposes including refinancing of outstanding indebtedness (approx. EUR 200 million), and for early redemption of parts of the existing Senior Notes due 2015 (approx. EUR 50 million).