Macquarie Acquisition of German Offshore Wind Approved
The European Commission has approved the acquisition of Ocean Breeze Energy GmbH & Co. KG by Sage Holdings, ultimately indirectly controlled by Macquarie Group Limited.Ocean Breeze Energy is the owner of North Sea wind farm BARD Offshore 1, from Unicredit. The 400MW offshore wind farm is positioned 100 kilometres off the coast of northwestern Germany.Under the EU Merger Regulation, the proposed acquisition would raise no competition concerns as the companies are not active on the same or vertically related markets…
IPO Expected for Italian Yacht-Maker Sanlorenzo
Italian motor yacht maker Sanlorenzo aims to list on the Milan Stock Exchange at about the same time as the rival Ferretti Group, with an initial public offering (IPO) expected to be launched as early as the second half of October, two people familiar with the matter said on Wednesday.The group is controlled by Italian entrepreneur Massimo Perotti through a family holding which bought back shares from third party investors in the recent years.The group plans to issue a mix of existing and new shares, targeting a free float of about 35%, one of the sources added.Sanlorenzo has picked Unicredit, Banca Imi and Bofa Merrill Lynch as global coordinators for its IPO.
Can the Cruise Shipping Boom Continue?
As the global cruise industry enjoys it most robust period of growth ever, the question invariably becomes: How long can it last?Cruising, which is a blend of the hospitality and maritime businesses, continues to grow at a historic pace. The Cruise Trends & Industry Outlook publication from Cruise Lines International Association (CLIA) projects a passenger count of 30 million in 2019 – up nearly 2 million from the previous year. By year end 2019 CLIA members – a veritable ‘who’s who’ of the largest brands – will have 272 vessels…
Sovcomflot completes USD 900 mln in Foreign Investment
Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks.The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million, said Nikolay Kolesnikov, Senior Executive Vice-President, Chief Financial Officer of PAO Sovcomflot."The fund allows us to fully address the Group’s mid-term financing requirements…
MSC Cruises Pact for USD 1.7bln Loan for New Seaside EVO Ships
Cruise liner MSC Cruises has reached an agreement for an EUR 1.5 billion (USD 1.74 billion) financing for two new Seaside EVO class cruise ships.BNP Paribas, Unicredit and Cassa Depositi e Prestiti will provide EUR 1.5bn in financing for two Seaside EVO class passengerships. The financing syndicate of lenders also include SACE SIMEST, the Italian ECA, fully backing the credit line and stabilising the interest rate.The first ship is expected to be delivered in May 2021 and the second in February 2023.
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. 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.
Pillarstone Italy Invests to Relaunch Premuda
Pillarstone Italy said on Friday it had finalized the acquisition of 100 percent of Italy's Premuda and would invest 50 million euros ($53.5 million) to support the relaunch of the troubled shipping company. Pillarstone Italy is a platform set up by U.S. private equity firm KKR to restructure ailing companies. The shipping industry is in an eight-year downturn due to slowing international trade. Pillarstone also said Popolare Emilia Romagna had joined rivals Intesa Sanpaolo, UniCredit and Carige in transferring to the platform credits towards Premuda. (Reporting by Valentina Za)
S. Africa Becoming Preferred Destination for Ship Arrests
At the recent annual Maritime Law Conference (MLA) held at Arabella in the Western Cape, various prominent government and international speakers took to the floor to debate and discuss national global maritime phenomena including inter alia; the progress in handling international oil spillages, port congestion, salvage and vessel arrests. Progress and unity was evident amongst the highly respected panel of speakers including Captain Rufus Lekala (TNPA Chief Harbour Master), Captain Alan Reid…
Sovcomflot $ 1.26 bln Debt Financing Complete
SCF Group completed a series of financing transactions in the total amount of USD 1.26 billion. The deals include USD 750 million of unsecured public debt and USD 512 million of bank loans raised for purposes of funding the fleet renewal and expansion programme and for the refinancing of maturing debt. The latest in this series were new long-term credit facilities for a total amount of USD 252 million signed in August 2016, with a number of international banks including: Citibank; DVB Bank; ING Bank; Nordea Bank and Unicredit Bank.
KKR Unit Takes on Italian Shipping Company Debt From Banks
Pillarstone Italy, owned by U.S private equity firm KKR, will take on the bulk of the debt owed by Italy's Premuda to a group of banks, in a first move that could make Pillarstone one of the main shareholders of the shipping company. Under the deal, Banca Carige, UniCredit and Intesa Sanpaolo will transfer around 250 million euros ($281 million) in loans to Pillarstone, making it the main creditor of Premuda, a spokesman for the KKR unit said on Friday. "Pillarstone will enter talks with other creditor banks to reach a final deal aimed at restructuring the whole debt," Premuda said, referring to its total net debt of 320 million euros at the end of 2015. It added that a part of the debt held by the KKR unit could be converted into shares.
Trafigura Clinches $5.1 Bln Loan as Trading Grows
Swiss commodities trader Trafigura has signed a $5.1 billion European revolving credit facility aimed at financing its growing operations. Trafigura, which reported in December an annual profit of $1.1 billion as it racked up record oil trading volumes, also said on Thursday it had closed a 46 million yen ($413 million) three-year loan, almost doubling the size of its 2014 Samurai Loan. Trading houses require large credit lines in order to finance shipments of commodities such as oil, gas and metals. Trafigura's 2015 profits were boosted by a 17 percent increase in the volume of commodities traded by its main divisions - oil and metals - to 198.4 million tonnes.
Safe Bulkers to Amend $51.8 Mln Loan Facility With Unicredit
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that the Company has agreed to amend an existing loan facility secured by four vessels with an outstanding balance of US $51.8 million, delaying the balloon payment initially scheduled to be made in 2019 for 2022. * The total consolidated liabilities of the Company divided by its total consolidated assets must not exceed 85%. * The aggregate market value of the four vessels…
EIB Antes €165 Mln for Amsterdam Sea Lock
The European Investment Bank (EIB) has agreed to provide EUR 165 million (187.5m) to support the construction of a new sea lock at IJmuiden, the principal access to the Dutch Port of Amsterdam. The current Noordersluis lock was built in 1929 and the new larger lock will ensure that the next generation of bulk carriers, container ships and cruise ships can continue to access the Port of Amsterdam and the North Sea Canal, and is expected to reduce waiting time for ships. The new sea lock will be 500 meters long, 70 meters wide and 18 meters deep, and able to operate in all tides.
Hapag-Lloyd Secures Financing for Five Newbuilds
Container shipper Hapag-Lloyd announced it has signed a 12-year $372 million facility agreement with a banking syndicate to finance the construction of five new vessels ordered from a South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) in April 2015. Hapag-Lloyd did not specify the total investment volume of the order, but said it lies in the mid three-digit million dollar range. The five new 10,500 TEU vessels, due for delivery between October 2016 and May 2017, will be deployed primarily on the South American routes and will expand the shipper’s reefer capacity with 2…
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.
WFW Advises on MSC Cruise Ship Financing
Watson Farley & Williams (“WFW”) has advised long-time client MSC Cruises (“MSC”) on the €1.2 billion (US$1.35bn), export credit agency (ECA) supported financing of two newbuild ‘Seaside class’ cruise ships, which will be the largest vessels ever built by the Fincantieri shipyard in Trieste, Italy. The financing for MSC was provided by a syndicate of banks including Crédit Agricole Corporate and Investment Bank (“CA-CIB”), BNP Paribas, Cassa Depositi e Prestiti S.P.A., HSBC France, Banco Santander S.A and Unicredit S.P.A. as mandated lead arrangers and underwriters. CA-CIB also served as structuring agent and bookrunner. The financing was supported by Italian export credit agency Servizi Assicurativi del Commercio Estero (“SACE”).
Gazprom & UniCredit Sign Agreement
Gazprom and UniCredit Bank signed a bilateral credit agreement worth a total of EUR 390 million in Vienna yesterday. The agreement is of great historical significance both for promoting the mutually beneficial relations between the two companies and for wider cooperation of Gazprom with financial communities of Italy and the entire Europe. Gazprom's delegation was led by Andrey Kruglov, Head of the Department for Finance and Economics.
Fincantieri Eyes Valuation of up to 1.8b Euros in Float
Italian state-owned shipmaker Fincantieri aims to make its debut on the Milan bourse in July with a stock market value of up to 1.84 billion euros ($2.5 billion), it said on Friday. Fincantieri, maker of vessels ranging from luxury yachts to military aircraft carriers, said in a statement it would offer a stake of up to 38.2 percent stake, mostly made up of new shares, at a price range between 0.78 euros and 1 euro per share. That would value the company, based in the northeastern port city of Trieste…
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.
Eni: New Fixed Rate Bond Offering
Eni has mandated Barclays, Goldman Sachs International, Mediobanca, Morgan Stanley, Société Générale and UniCredit Bank as Joint Bookrunners for its upcoming fixed rate Euro benchmark size 8 year bond offering and for the tap of its 12 year bond issued last September, both issued under its existing Euro Medium Term Notes Program. The bonds are to be issued within the framework of the Euro Medium Term Note Program and in accordance with the resolution adopted by Eni’s Board of Directors on May 30, 2013.
Greenfield Fund Takes Stake in German Wind Farm
The Marguerite Fund has acquired a 22.5% stake in the German greenfield Butendiek offshore wind farm. The Butendiek project is a 288 MW greenfield offshore wind farm located in the North-Sea in the German exclusive economic zone, 32 km west of the German Island of Sylt, and consisting of 80 Siemens 3.6 MW wind turbines. The start of the offshore construction works is scheduled for Spring 2014 and installation of the wind turbines is planned to take place between Autumn 2014 and Summer 2015. When commissioned the wind farm will produce 1,290 GWh p.a., enough to supply the equivalent of some 370,000 households with electricity each year. The cost of the project is estimated to be €1.3bn.
Fincantieri to Take Controlling Interest in STX Offshore
Fincantieri signs agreement for the acquisition from STX Europe of 50.75% of STX OSV, leading offshore vessel constructors. With 21 shipyards in 3 different continents, nearly 20,000 employees and revenues of Euro 4 billion, the Fincantieri Group is doubling its size. Fincantieri now becomes one of the top five shipbuilders worldwide and the leading Western producer, also in terms of diversification and presence in the high value added segments, and is capable of competing with the Asian giants. The total value of the transaction, including both the acquisition of the 50.75% stake and the mandatory cash offer, will amount to approximately Euro 900 million (approximately SGD 1,450 million).
Iridium Signs Coface Facility Agreement
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.