Credit Agricole, a French bank, has bought stakes in 11 wind farms
Credit Agricole, a French bank, announced on Friday that it had purchased stakes up to 32 percent in 11 wind farms located in France. By 2050, France aims to be carbon neutral by having 45 gigawatts of offshore wind installed. Due to…
Pemex Prepays $5.17 Billion in Bond Tender
Mexico's Pemex said on Monday it had paid $5.17 billion in a tender offer to prepay about a third of its bonds maturing between 2020-23, part of President Andres Manuel Lopez Obrador's latest effort to shore up the state oil firm.The company announced the bond tender earlier this month…
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…
Oman Oil Closes $2 Billion Loan Financing
Oman Oil Co, the Omani state-owned petroleum firm, has completed a $2 billion loan financing, a source close to the matter said. The company’s funding efforts are part of a wider push by the government to raise international finance to reduce pressure on its budget…
Gunvor Signs $1.67bn Loan Refinancing
Swiss oil and energy trader Gunvor Group has signed a $1.67 billion revolving credit facility to refinance a US$1.15bn facility from November 2015 and a US$85m facility from November 2014, the company announced on Thursday. The financing…
Gunvor Group Closes $725m Borrowing Base Facility
Swiss oil and energy trader Gunvor Group has closed a $725m borrowing base facility to support its Dutch operations, the company said in a statement. The facility, launched by subsidiary Gunvor SA and Gunvor Belgium NV, will provide…
LPC-Vitol Signs $8bn Loan Refinancing
Geneva-headquartered energy trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2015, the company announced on Wednesday. The transaction includes a 12-month maturity extension to the company's existing US$7.076bn three-year revolver.
Bankers Try Bond after Lackluster Response to Pemex Asset Loan
Banks are marketing a 15-year bond of around US$500m in size to finance KKR's purchase of Pemex assets after failing to attract sufficient interest in a previous loan deal, sources told IFR. Morgan Stanley is left-lead on the bond, which could price as soon as next week…
Doha Deal Failure Knocks Commodity Currencies
Canadian, Australian dollars slip as oil falls; Yen hits three-year high vs euro on risk aversion. Commodity currencies slipped on Monday while the safe-haven yen gained ground after major crude exporters failed to agree on an output freeze, sending oil prices tumbling once again.
KKR Launches Loan to Buy Pemex Assets
Bankers launched a US$1.35bn loan this week to finance KKR's purchase of Pemex assets at spreads marking a sharp contrast to what the Mexican oil company paid a little over a year ago. The funding package, which largely comprises term loans…
Oil Deal Optimism Fuels Rally in Crude, Global Stocks
Global equity markets rallied on Wednesday, buoyed by a jump in oil prices on optimism that top crude producers could reach a deal to freeze production, while the Mexican peso surged after Mexico's central bank hiked its benchmark interest rate.
European Banks' Risky Oil Loans Make Investors Edgy
Investors are growing increasingly anxious about the exposure of European banks to the oil sector, as a past credit binge threatens to lead to loan losses that could be worth up to $18 billion. Major banks ranging from ING to HSBC and…
Oil, Stocks Surge on Oil Rally Hopes
European stocks, oil drive risk rally; Credit Agricole, Glencore the big movers. Oil and stocks jumped on Wednesday, as European earnings and hope that top oil producers will convince Iran to agree to a production freeze overcame initial caution in Europe.
Pemex Taps Alternative Funding Source in KKR Loan
A US$1.35bn loan to finance KKR's purchase of Pemex assets could be the first of several such transactions as the Mexican state-owned oil company seeks to tap alternative funding sources. The senior secured credit facility, expected to be launched at bank meetings in Mexico City next week…
Moody's Cuts Noble's Rating to Junk
Moody's says has concerns over company's liquidity. The chief executive of embattled commodity trader Noble Group Ltd defended its financial position after what it called an "unexpected" move by Moody's Investors Service to cut its credit rating to junk status…
US Restructuring Firms Bulk up as Crude Drops
Law firms and banks are adding staff to their restructuring practices from Houston to New York City to scoop up new business as oil prices sink near 11-year lows, pressuring energy companies to slash debt or file for bankruptcy. At least…
Citi Accelerates Pullback From Exposure to Coal Mining
Citigroup has joined the retreat by investors and lenders in the coal sector by further tightening its policy on its credit exposure to coal miners. A spokesman for Citi confirmed the U.S. bank was broadening its guidelines for reducing…
Adani's Australia Coal Mine Hits Environmental Snag
Environment approval pulled pending gov't resubmission. An Australian court on Wednesday revoked the government's environmental approval for one of the world's biggest coal mines under construction in the Australian outback by Indian conglomerate Adani Mining.
AXA Axes $552.7m of Coal Investments
French insurer AXA said on Friday it was cutting its exposure to the coal industry, pulling out of investments worth 500 million euros ($552.7 million). Europe's No. 2 insurer joins a growing list of financial companies that have decided…
Credit Agricole Stops Financing Coal Mining
French bank Credit Agricole said on Wednesday it would no longer finance coal mining or miners as lenders grow increasingly uneasy about funding coal due to environmental concerns. The decision, announced at a shareholder meeting in the former coal-mining city of Lille in northern France…
