Natixis News

Finnish auxiliary wind propulsion company Norsepower announced it has secured €28 million in its latest Series C fundraising round, enabling the company to scale up production and expand the reach of its fuel-saving and emissions-reducing technology.French asset manager Mirova, an affiliate of Natixis Investment Management dedicated to sustainable investment, led the fundraising through its impact private equity Mirova Environment Acceleration Capital fund. Additional participants in the round included TheFinnish Climate Fund (Ilmastorahasto)…

Vineyard Wind, which is on track to be the first major U.S. offshore wind farm, closed on a $2.3 billion loan and will begin construction in Massachusetts later this year, its owners said on Wednesday.The senior debt financing allows the project, a joint venture between Avangrid and Copenhagen Infrastructure Partners, to mobilize its contractors and suppliers to begin work, the companies said.The U.S. government approved Vineyard Wind in May, billing it as the inauguration of a new domestic industry that will help eliminate emissions from the power sector…

Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other price-sensitive borrowers looking to limit the long-term effects of the pandemic on their funding costs.Without the Covid premiums, the terms of Trafigura's new deal are little…

French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was hit by volatile energy markets, said its assets would be taken over by its creditor banks.Bourbon said the Marseille commercial court had ruled that Bourbon's assets would be transferred to Société Phocéenne de Participations (SPP) from Jan. 2, 2020.SPP is owned by BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel Alpes Provence, Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Ile de France…

Commodity firms and banks have been diving into blockchain pilot schemes over the last two years but the new technology's application for most trading has likely been over-hyped, a report by Boston Consulting Group (BCG) said.Blockchain, originally the platform behind cryptocurrency Bitcoin, is viewed by some as a solution to inefficiencies, improving transparency and reducing to the risk of fraud. But BCG believes its potential has been exaggerated.A high-tech ledger, blockchain…

Schlumberger, the world's largest oilfield services firm, and smaller peer Subsea 7 said on Friday they were entering exclusive talks to form a joint venture to deliver subsea installations and services for oilfields. The news lifted Subsea 7 shares on hopes the talks could be the first step towards a full takeover, in a sector that has already seen consolidation with the 2016 merger of Technip and FMC Technologies. In recent months, oil firms have returned to profits due to higher oil prices and the benefits of deep cost cuts they made during the downturn.

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. Bank of America Merrill Lynch, MUFG, BNP Paribas, Citigroup, Credit Suisse, DBS Bank, Deutsche Bank, JP Morgan, Lloyds Bank, Mizuho Bank, Natixis, Rabobank, Societe Generale, Standard Chartered Bank, SMBC and UniCredit Bank were mandated lead arrangers and bookrunners.

A group of investors representing more than 5 trillion euros ($5.53 trillion) in assets under management have called on oil and gas companies to observe an unlimited moratorium on activity in the Arctic high seas. Led by French asset managers Mirova and Natixis Asset Management, the group of 19 investors said it was an "urgent call" to protect the hydrocarbon-rich region from future exploration and reflected national pledges on climate change. "We would like to involve both companies and policymakers so as to take the Arctic issue to the next level and seek greater protection for the region," said Mirova Chief Executive Philippe Zaouati in a statement on Monday.

When U.S. investment bank Goldman Sachs said last year that oil could fall as low as $20 per barrel, it assigned a fairly low probability to that scenario. Fast-forward five months and in some parts of the world the forecast has already proved correct. Canadian physical crude has been selling this week at below $20 per barrel, less than it costs to extract and transport. Traders in the options market, meanwhile, are taking protection against prices falling below $25. The developments reflect growing concerns that a market already awash in too much oil is now suffering the double-whammy of a sharp slowdown in U.S. and Chinese demand.

International law firm Watson, Farley & Williams Asia Practice LLP (WFW) said it advised a joint venture involving M3nergy and PT Transamudra as sponsors on a $182 million term facility and $38.4 million guarantee facility. The funds will finance the floating production, storage and offloading facility named FPSO Ratu Nusantara. The FPSO Ratu Nusantara is scheduled for operation by Petronas Carigali in the Bukit Tua oil and gas field in the Ketapang block, offshore Madura Island, East Java, Indonesia. Partner Andrew Nimmo led the WFW Asia Practice team for this deal, assisted by senior associate Shawn Er. M3nergy is an emerging exploration and production company headquartered in Malaysia.

OW Bunker, a reseller and physical distributor of marine fuel, has signed a $700 million revolving credit facility, refinancing its current $450 million facility. The new facility consisting of two tranches, a 364-day and a three-year multicurrency revolving credit facility, was more than 100% oversubscribed by the in total 13 international banks and financial institutions in a syndicate led by ING Bank N.V. OW Bunker sees the over-subscription and the up to three-year commitment as a strong sign of confidence in its business model, including a strong balance sheet consisting primarily of relatively liquid current assets, with 70-75% of accounts receivables typically insured, and a liquid inventory of fuel and gas oil.

EDHEC-Risk Institute announced that eight new members have joined its international advisory board, which brings together scholars, representatives of regulatory bodies as well as senior executives from business partners and other institutions. The role of the international advisory board is to validate the relevance and goals of the research program proposals presented by the institute’s management and to evaluate research outcomes with respect to their potential impact on industry practices. The 47 members of the board also advise on the objectives and contents of projects deriving from the expertise of the institute, thereby ensuring that graduate and executive programmes remain at the forefront of developments in the marketplace.

Iridium Communications Inc. (Nasdaq:IRDM) announced that it has signed the definitive Coface Facility Agreement to finance its next-generation satellite constellation, Iridium NEXT. The syndicate of nine banks is led by Deutsche Bank AG, Banco Santander SA, Société Générale, Natixis and Mediobanca International S.A., and includes BNP Paribas, Crédit Industriel et Commercial, Intesa Sanpaolo S.p.A. and Unicredit Bank Austria AG. They will provide up to $1.8b of financing to Iridium for the design and manufacture of Iridium NEXT satellites. The funding under the Facility is subject to customary closing conditions, which are expected to be met shortly. The credit facility consists of two pro rata tranches. One tranche of up to $1.537b will bear a fixed interest rate of 4.96% per annum.