the PDF

African Iron and Steel
Conference
Mozambique, 24th June 2015
Volker Wiederhold
Office Director KfW IPEX-Bank
Representative Office Johannesburg
Bank aus Verantwortung
Agenda
A brief introduction to KfW KfW IPEX-Bank
The Global Steel Industry
Focus on Mining, Energy, Infrastructure & Steel Development in Africa
Our financing approach
Our references
2
Where we come from – KfW
Financing with a public mission for more than 60 years
Name
KfW – Kreditanstalt für Wiederaufbau
Mission
Promotional bank of the Federal Republic
of Germany
Founded
1948
Shareholders
Locations
Best rating
80% Federal Republic, 20% Fed. States
Frankfurt am Main (head office)
Berlin, Bonn, Cologne (branch offices)
AAA (S&P) / Aaa (Moody's) / AAA (Fitch)
Financing volume
EUR 72.5 billion
Total assets
EUR 464.8 billion
Employees
5,539
as of 31.12.2014
3
4
KfW IPEX-Bank - part of a group with a wide range of
functions
Supporting the export industry is a central pillar of KfW's work
Domestic promotion
We promote Germany
Mittelstandsbank
Promotion SMEs,
business founders,
start-ups
Kommunal- und
Privatkundenbank/Kreditinstitute
Promotion of housing construction
and refurbishment, improved
accessibility and education
Financing of municipal
infrastructure
and global loans
International business
We support
internationalisation
We promote
development
KfW IPEX-Bank
KfW Development Bank,
DEG
International
project and
export finance
Promotion of
developing and
transition countries
Promotion of environmental and climate protection
5
Our worldwide presence helps you stay competitive
80 offices and locations with many years of regional expertise
› We are present in the key
regions and markets for
German and European
exporters.
› We understand a relationship bank
› Within the KfW Group we use our
as one that works closely with and
close to its customers to provide
optimal advice and support.
London
New York
Frankfurt
worldwide network and share
knowledge and experience
across national borders – for
your benefit.
Headquarters of KfW
and KfW IPEX-Bank
Moskau
Istanbul
Branch of KfW IPEX-Bank
Abu Dhabi
Representative office of
KfW IPEX-Bank
Mumbai
Bangkok
Singapur
Other foreign locations
of the KfW Group
São Paulo
Johannesburg
6
Our Africa loan portfolio of almost EUR 2 billion
Other
5%
Angola
2%
Ethiopia
8%
Egypt
9%
Mauretania
4%
Morocco
4%
South Africa
47%
Mozambique
2%
Nigeria
13%
Zambia
3%
Namibia
3%
As of: 31 December 2014
Differences in totals due to
rounding
As of: 31 December 2013
Differences in totals due
7 to rounding
Agenda
A Brief introduction to KfW KfW IPEX-Bank
The Global Steel Industry
Focus on Mining, Energy, Infrastructure & Steel Development in Africa
Our financing approach
Our references
8
Million tonnes crude steel production (2013)
Rank
Country
Mt
Rank
Country
Mt
1
China
779.0
14
France
15.7
2
Japan
110.0
15
Iran
15.4
3
United States
86.9
16
Spain
13.8
4
India
81.2
17
Canada
12.4
5
Russia
68.7
18
United Kingdom
11.9
6
South Korea
66.1
19
Austria
8.0
7
Germany
42.6
20
Poland
8.0
8
Turkey
34.7
21
South Africa
7.2
9
Brazil
34.2
22
Belgium
7.1
10
Ukraine
32.8
23
Egypt
6.8
11
Italy
24.1
12
Taiwan/China
22.3
13
Mexico
18.2
World
1,606.0
World Steel Association 2014
9
Steel Production and Usage (2013)
World Steel Association 2014
10
Major Exporters and Importers of Steel (2013)
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Total Exports
China
Japan
EU
South Korea
Ukraine
Germany
Russia
Turkey
Italy
Belgium-Luxembourg
France
Belgium
United States
Taiwan, China
India
Spain
Netherlands
United Kingdom
Brazil
Austria
Mt
61.5
42.5
38.7
28.9
24.7
24.3
36.6
17.3
16.9
16.6
14.2
13.9
12.5
11.6
10.1
9.3
8.8
8.4
8.1
7.0
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Total Imports
EU
United States
Germany
South Korea
Thailand
Italy
China
Turkey
France
Indonesia
Belgium-Luxembourg
Belgium
Vietnam
Canada
Poland
Taiwan, China
Mexico
India
Spain
Saudi Arabia
Mt
30.8
30.3
22.1
19.0
15.9
15.6
14.8
14.5
13.2
12.3
11.3
10.1
10.0
8.9
8.1
7.8
7.7
7.5
7.4
6.7
World Steel Association 2014
11
Steel Production 2014 - 2015
10,00%
5,00%
0,00%
-5,00%
-10,00%
-15,00%
-20,00%
-25,00%
China
Brazil
US
Russia
Turkey
India
France
Ukrain
Spain
Italy
Germany
South Korea
Japan
South Africa
Global
-30,00%
Source: engineeringnews.co.za
12
Agenda
A Brief introduction to KfW KfW IPEX-Bank
The Global Steel Industry
Focus on Mining, Energy, Infrastructure & Steel Development in Africa
Our financing approach
Our references
13
Governmental policies supporting the development of
mining, energy infrastructure and steel in African
countries…
› Even though mining activities are moving gradually from
developed economies to emerging economies, smelter and
refinery production remains located mainly in developed countries.
› Africa and the Arctic regions are the two less explored regions in
the world, thus presenting ample growth opportunities for mine and
infrastructure investments in Africa.
› Africa currently accounts for about 15% of total global mine
investments.
14
Governmental policies supporting the development of
mining, energy infrastructure and steel in African
countries…
Some of the countries and national policies / institutions with the mandate to attract and regulate
FDIs, export promotion and infrastructure developments.
Countries
Bodies/Policies
South Africa
Department of Trade and Industry (DTI ), IDC, Income Tax Act and various tax holiday
schemes, Mining Act, BEE Charter, Beneficiation policy, Industrial funding policy,
Manufacturing investment program, General Export Incentive Scheme,.
Ghana
Ghana Investment Promotion Center (GIPC), Mining Act, Income Tax Act , Local content
policy.
Nigeria
Nigerian Investment Promotion Council (NIPC), Mining Act, Income Tax Act , Local
content policy.
Angola
National Private Investment Agency (ANIP), Industrial Development Institute of Angola
(IDIA),Income Tax Act, Local content Act.
Botswana
Botswana Investment & Trade Center (BITC), Mining Act, Income Tax Act
Mozambique
Mozambique Investment Promotion Centre (CPI), Mining Act, and Income Tax Act
Zambia
Zambia Development Agency (ZDA), Mining Act , Income Tax Act.
15
Governmental policies supporting the development of
mining, energy infrastructure and steel in African
countries…
•
Regional African economic cooperation (AEC) and other various Regional Economic
Communities (RECs)
Region
REC
Southern Africa
The Southern African Development Community(SADC).
East Africa
East African Community (EAC)
West Africa
Economic Community of West African States (ECOWAS), West African Economic
Monetary Union (WAEMU)
Central Africa
Economic Community of Central African States (CEEAC), Economic and Monetary
Community of Central Africa (CEMAC)
North Africa
Arab Maghred Union (UMA)
Others
Countries of Sahel-Saharan States (CEN-SAD), Common Market for Eastern and
Southern Africa (COMESA), Intergovernmental Authority on Development (IGAD),
Liptako –Gourme Authority (LGA), Greater Arab Free Trade Area (GAFTA), Economic
Community of the Great Lakes Countries (CEPGL) , Indian Ocean Commission (COI).
16
Governmental policies supporting the development of
mining, energy infrastructure and steel in African
countries…
Multilateral policies..
2002 Extractive Industry Transparency Initiative (EITI)
2003 United Nations International Certification Scheme/Kimberly Process Certification Scheme
(KPCS)
2010 USA Dodd- Frank Act
2010 UK Bribery Act
2011 International Council on Mining and Metals
2012 IFC Performance standards
2013 Equator Principles 111
17
Governmental policies supporting the development of
mining, energy infrastructure and steel in African
countries…
• Mining code reforms across SSA….
Country
Year
Country
Year
Senegal
2003
Mali
2013
Nigeria
2006
Burkina Faso
2013
Niger
2006
Gabon
2013
Zambia
2008
Ivory coast
2014
South Africa
2008
Liberia
2014
Tanzania
2010
Uganda
2014
Kenya
2012
Mozambique
2014
Guinea
2013
DRC
2015
18
Governmental policies supporting the development of
mining, energy infrastructure and steel in African
countries…
Common reform themes across the region :
› Royalty tax
› Corporate Income tax .
› Windfall Tax
› Withholding Tax
› Duration and renewal of mining rights
› Local content
› State participation
› Beneficiation policy
19
Governmental policies supporting the development of
mining, energy infrastructure and steel in African
countries…
Top 10 SSA countries with best mining
regulatory environment (Fraser Institute 2013)
Top 10 SSA countries with best operating
environment ( World Bank/Transparency
Index 2014)
Botswana
Rwanda
Namibia
The Gambia
Ghana
Botswana
Burkina Faso
Liberia
Eritrea
Zambia
South Africa
South Africa
Nigeria
Namibia
Ivory Coast
Ghana
Zimbabwe
Uganda
Angola
Burkina Faso
20
Would industrial policies support loss making steel
mills while they get off the ground?
African countries are Increasingly aware of the direct link between iron and
steel industry and economic development.
Some of the mechanisms adopted :
• Tariff adjustments
• Tax holidays
• Energy subsidization, and access to cheaper energy supply –
(Energy cost represents 40% of total cost of a steel mill)
• Beneficiation policies
• Skill development and funding support
• Fostering inter regional partnerships and trade agreements.
• Tax incentives to promote local R&D.
21
What are the political and economic issues that
lenders should be aware of ? Conclusion …
Political issues
•
Africa wide mining and tax reforms
Economic issues
•
Some of the fastest growing economies in
the world are in SSA – Nigeria, Uganda,
Tanzania, Zambia, Rwanda, DRC, Ethiopia,
Angola, Ghana, Mozambique and Kenya.
•
According to the World Bank, Sub Saharan
economy is set to expand by about 5% in
2015, and 5.1% by 2017.
•
Corruption prevention
•
Burgeoning middle class – over 122.7million
people spend between USD 4 and USD 20
per day. A 30% growth from year 2000
(AFDB 2014)
•
Competing demand for land use, increasing
Corporate Social Responsibility (CSR), and
growing environmental concerns
•
Mining remains the backbone of many
African countries .
Labor issues continue to be dominant.
Increasing state participation and growing
tax burdens
•
•
.
•
Macroeconomic issues - Insufficient local
capital; Inflationary and currency conversion
risks.
22
Infrastructural gap in Africa, and funds available to
bridge this gap
According to IMF estimates (2014) :
• Total yearly Africa Infrastructure need is valued at USD
93billion (15% of total Africa GDP)
• Actual yearly investment spend on infrastructure in Africa is
USD 45billion (50% funded by the public sector)
• Yearly funding gap is estimated to be around USD50billion.
• Extractive industries account for 26% of all cross border
greenfield projects in Africa ( UNCTAD 2014).
23
Infrastructural gap in Africa, and funds available to
bridge this gap
Funds available for infrastructure in Africa ….
•
•
•
•
•
•
•
•
•
•
Multilateral and Development Banks
Regional Banks
Development Finance Institutions (DFIs)
Private Equity Funds
Capital Markets
Industrial Development Funds
Sovereign Wealth Funds
Institutional Funds
Commercial Banks
Loans backed by export credit agencies (ECAs) or UFK
24
Agenda
A Brief introduction to KfW KfW IPEX-Bank
The Global Steel Industry
Focus on Mining, Energy, Infrastructure & Steel Development in Africa
Our financing approach
Our references
25
Financing Methods
Bank Financing: Project Finance vs. Corporate Finance
Project Finance
Corporate Finance
company
size
cash flow
orientation
typical financing method
typical financing method
for new mining projects
for existing companies with a track record
 cash flow based analysis
 analysis of financial statements
 forward looking analysis
 historical financial performance
 off balance sheet financing
analysis
 Tailor-made
 financing balance sheet
 sometimes complex & time
 more standardized
consuming
 usually simpler & quicker
26
Requirements for Project Financing
› Feasibility Study with a positive outcome (“Bankable FS”) incl.
›
›
›
›
›
›
›
›
calculation of mineral reserves in accordance with
international standards (e.g. JORC Code, NI 43-101/ CIM
Standard); verification by lenders (IE)
favorable position on the global cost curve (price risk)
financial model with a robust cash flow
equity contribution of 30 – 50 % (depending on project risk)
use of proven technology
compliance with international E&S standards (Equator
Principles)
marketing concept (e.g. long-term off-take contracts)
sponsors with adequate know-how and staffing
construction contract (EPCM /EPC)
27
PwC and EulerHermes – the German mandate
holders
The German Export Credit & Investment Guarantee program:
Investment
Guarantees
Untied Loan
Guarantees / UFK
Lead Partner:
Lead Partner:
Export Credit
Guarantees
Lead Partner:
Guarantee
programmes
of several
Federal States
Lead Partner:
• ECAs are promoters of foreign trade
• ECA insurance may be provided for both political and commercial risks
• ECA support is governed by specific international guidelines, the so
called OECD-Consensus
28
ECA covered Export Finance
Contractual structure and payment flows
Supply contract
Optional:
- Manufacturing risk cover
- Suppliers credit cover
HERMES (ECA)
Exporter
„Verpflichtungserklärung“
(letter of
undertaking)
„Exporteurerklärung“
(exporter‘s
declaration)
Supplies and
services
Importer
= Borrower
Down- and interimpayments (15%)
Repayment
of the loan
Disbursements
collateral
Loan agreement
(85%)
Buyer credit cover
(85%)
KfW IPEX-Bank
Payment guarantee
potentially:
foreign
guarantor
29
Overview about the Export Credit Agency Market
Country ECAs and Ratings
Austria (AA+)
 OeKB
Belgium (AA)
 OND
S&P Rating
Levels
AAA
Netherlands (AA+)
 Atradius
Poland (A-)
 KUKE
AA+
Czech Rep. (AA-)
 EGAP
AA
Portugal (BB)
 COSEC
AADenmark (AA+)
 EKF
A+
Finland (AA+)
 Finnvera
A-
A
BBB+
BBB
France (AA)
 COFACE
BBB-
Slovak Rep. (A)
 EXIMBANKA
Spain (BBB)
 CESCE
Sweden (AAA)
 EKN
BB+
Germany (AAA)
 HERMES
Italy (BBB-)
 SACE
ECA Workshop with KfW IPEX-Bank 2015
BB
South Africa (BBB-)
 ECIC
BBB+
Switzerland (AAA)
 SERV
(Ratings as per April 2015)
30
Costs of an ECA-covered buyer credit
ECA premium
OECD-Consensus - Country Risk Classification
Brazil
3
Nigeria
5
South Africa
3
Mozambique
6
Burundi
7
Senegal
6
Egypt
6
Croatia
5
India
3
Turkey
4
Vietnam
5
China
2
PTA-Bank
5
Afreximbank
4
31
Costs of an ECA-covered buyer credit
ECA premium of Case Study
Assumptions / Project details of case study:
Loan Amount:
USD 42.5mn
Borrower:
Local Bank
Bank classification:
CC0
Country classification:
3,4,5,6
Starting Point of the credit:
12 months after first disbursement
Repayment:
20 semi annual instalments
Percentage of ECA-cover:
95%
ECA Hermes
CC
Approx. Premium % flat *)
Premium % p.a. **)
3
6,3
1.1
4
8,4
1,5
5
10,0
1,9
6
13,1
2,3
*) A detailed evaluation of a specific transaction may lead to premiums that sligthly differ
**) based on first rough estimate – to be recalculated factoring in NPV factors
32
PwC and EulerHermes – the German mandate
holders
The German Export Credit & Investment Guarantee program:
Investment
Guarantees
Untied Loan
Guarantees / UFK
Lead Partner:
Lead Partner:
Export Credit
Guarantees
Lead Partner:
Guarantee
programmes
of several
Federal States
Lead Partner:
UFK Key Points:
To secure the supply of raw materials the German government provides guarantees for
loans under the Untied Loan Guarantees program (“UFK”), which are:
›
›
not tied to German exports,
of special interest to the Federal Republic of Germany.
UFKs are primarily granted for the purpose of securing the supply of critical raw
materials and energy to the German industry on the basis of long term offtake
agreements
33
Untied Loan Guarantees / Ungebundene Finanzkredite
(UFK) Typical structure of an Untied Loan Guarantee Project
German Federal
Government
represented by PwC
Untied Loan
Guarantee
Foreign Government
› Approvals
› Concessions
› Permits
› ….
The maximum covered amount is based
upon the value of the raw material
shipments
Lender
German Importer /
Offtaker
Project
Finance / Loan
Foreign Project Company
Offtake Agreement
34
Untied Loan Guarantees / Ungebundene Finanzkredite
(UFK) Untied Loan Guarantees cover political and commercial risks
Political Risks:
›
Expropriation, nationalisation or other acts by a higher authority which in their effects are
equivalent to an expropriation
›
War or other armed conflicts, revolution or insurrection
›
Impossibility of converting or transferring funds to Germany
›
Payment embargos or moratorium
Commercial Risks:
›
Insolvency, unsuccessful execution and suspension of payment
›
Protracted default
UFK is available as comprehensive cover
or politicial risk cover only
35
Untied Loan Guarantees / Ungebundene Finanzkredite
(UFK) Maximum covered loan amount
Rule of thumb for maximum covered loan amount:
20-25% of total value of raw materials delivered to Germany over the lifetime of the offtake
agreement
Example calculations:
UFK Cover
•
•
•
10y offtake contract of 1.000.000 t/a
Raw material price 100 USD/t
Covered loan amount up to
 Total Offtake Volume
 Total Contract Value
=10,000,000 t
=USD 1 bn
=USD 200-250 mn
UFK premium calculation:
•
E.g. Project Category 2, Country Category 2, Horizon of Risk of 5y
 0,3454*5+0,2695
Cost of UFK cover
•
•
•
•
=1,9965% of the
loan amount
≈ USD 4 - 5 mn
Premium can be included into the loan amount and thus financed
Possibility of full drawdown of the whole loan amount at project construction start
Cover scheme not governed by OECD consensus rules  More flexibility with respect to
repayment schemes
36
Untied Loan Guarantees (UFK)
Untied Loan Guarantees are approved on a case by case basis
General Requirements:
Eligibility for
cover
Long-term
offtake
contract
Financing
must be
assured
Contribution to
local economic
development
› Raw materials must › A long term offtake › The project has to
be eligible
contract with a
contribute to the
(e.g. Cu, Fe, Mo)
German importer
economic
› Risk has to remain
must be in
development of the
justifiable
place
project‘s host country
Environmental
&
social
compatibility,
› Before UFKs
› Particular importance
are granted the
is attached to the
financing structure of possible negative
the project has to
impacts on
be in place
environment and
local society
Qualified for Approval
37
Agenda
A Brief introduction to KfW KfW IPEX-Bank
The Global Steel Industry
Focus on Mining, Energy, Infrastructure & Steel Development in Africa
Our financing approach
Our references
38
Case Study Steel
Mini Mill Project Big River Steel LLC, USA
›The
The
Challenge
Challenge
››
Hard
Largedeadline
investment
for provision
with longof
term
all financing
financing commitments to
meet
needs
legal
in requirements
challenging market
in Arkansas
environment
›› Realization
Ex post financing
of a large
of already
scale industry
delivered
project
plantinand
a volatile
market
equipment
environment
for existing facility
›› Heterogeneous
Specific regulations
groupofofReserve
equity and
Bank
other
of India
investors adding
tofor
complexity
foreign currency
of the financing
loans structure
The Solution
› Long term ECA loan of USD 635 mn
› Proven and long standing cooperation between IPEX,
financial advisor to the project, exporter and Euler Hermes
› Strong and committed sponsors
› Greenfield project finance for construction of flatrolled steel mini mill in Arkansas
› Capex investment of USD 1.1 bn with German
supplies of USD 580 mn for the core
components of the plant
› Single largest industrial project in the history of
the State of Arkansas
Our Contribution
› Commitment for USD 800 mn of the senior loans by IPEX
with subsequent syndication
› IPEX extensive sector expertise provides for an efficient
and timely coordination of the entire due diligence process
› IPEX as Facility & Hermes-Agent
39
Case Study Mining
Iron ore project SNIM, Mauretania
The Challenge
› Debt financing of USD 700 mn required
› Complex financing structure with commercial banks
and DFIs
› Demanding country risk
The Solution
› Structured finance with export and import elements
› Offshore account structure
› Security package with project finance elements
› Largest company in Mauretania
› Capacity increase to 16 MTPA iron ore through
various projects
› Project size USD 1 bn
› Supporting German exports (conveyor and port
technology, excavators) and German imports
(iron ore for German steel industry)
Our Contribution
› Important contribution to structuring
› Largest single lender to the transaction (EUR 57 mn)
› UFK-Agent (first UFK transaction after its reform)
› German CIRR-Provider for export tranche
› Environmental and social coordinator
40
Have a look at some of our references
Metals & Mining
Canada
Switzerland
Iron Ore Company of
Canada
Corporate Financing
KfW Investment USD 100,00,000
Peru
Glencore International AG
Revolving Credit Facility
Total Investment USD 8,700,000,000
KfW Investment USD 100,000,000
Mandated Lead Arranger
Arranger
2014
Chile
Revolving Credit Facility
Total Investment USD 2,100,000,000
KfW Investment USD
70,000,000
Senior Lender, Joint Bookrunner
Mandated Lead Arranger
2013
Minera Esperanza
Corporate Financing
Corporate Financing
Total Investment USD
1,800,000,000
KfW IPEX-Bank USD
60,000,000
Arranger
Total Investment USD 900,000,000
KfW Investment USD 100,000,000
2014
United Arab Emirates
Glencore International AG
Project Finance
Sociedad Minera
Cerro Verde S.A.A.
2014
Switzerland
Minera Antucoya
Chile
Total Investment USD 12,990,000,000
KfW Investment USD
100,000,000
USA
Mississippi Silicon
EMAL Phase II
ECA-backed Facility
Total Investment USD 4,000,000,000
KfW Investment USD 128,600,000
Hermes Agent, Coface Agent
Arranger
2013
Mandated Lead
Arranger, Documentation
Agent
2013
2013
Project Finance
Total Investment USD 200,000,000
KfW Investment USD 108,600,000
Mandated Lead Arranger
2013
41
Have a look at some of our references
Steel (1)
USA
Germany
Big River Steel LLC
Project Finance
ECA-backed
Total Investment USD 1,300,000,000
KfW Investment USD 794,000,000
Turkey
HKM Hüttenwerke
Krupp Mannesmann
GmbH
Term
Loan
Total Investment EUR 70,000,000
KfW Investment EUR 35,000,000
Initial Mandated Lead Arranger,
Sole Bookrunner, Euler Hermes Agent
Lead Arranger
2014
ECA-backed Facility
ECA-backed Facility
KfW IPEX-Bank USD 9,700,000
Hermes Agent,
Sole Lender
2014
KfW Investment EUR 45,553,607
2014
2014
Turkey
Kardemir Karabük Demir
Çelik Sanayii ve Ticaret
A.Ş. Facility
ECA-backed
KfW Investment EUR 21,237,500
Habaş Sınai ve Tıbbi Gazlar
İstihsal Endüstrisi
A.Ş.(Habas)
ECA-backed
Facility
KfW Investment EUR 17,700,000
Sole Lender
Arranger, Sole Lender
2013
Kardemir Karabük Demir
Çelik Sanayii ve Ticaret
A.Ş. Facility
ECA-backed
Arranger, Sole Lender
Turkey
JSW Steel Ltd.
Hermes Agent,
Sole Lender
KfW Investment EUR 93,225,000
2014
JSW Steel Ltd.
KfW IPEX-Bank USD 20,000,000
Kardemir Karabük Demir
Çelik Sanayii ve Ticaret
A.Ş. Facility
ECA-backed
Arranger, Sole Lender
Indien
Indien
Turkey
2013
2013
42
Export- and Project Finance
selected KfW transactions in Sub-Saharan Africa
South Africa
2015
Ethiopia
Ethiopia
2015
2014
South Africa
2014
Gibson Bay, South
Africa
Export Credit Facility
ZAR 2,100,000,000
111 MW (Wind)
Project Financing
Cargo Airport Terminal
Ethiopia
EUR 32,000,000 – Export Credit Facility
EUR 83,000,000
Co-LA
Namibia
2013
Senior Secured Loan for
1 A330-200
Operating Lease to
Senior Lender
Ethiopian Railways
Corporation
Ethiopian Airlines
Nigeria
Transnet SOC Limited
Export Credit Facility
$ 153,000,000
Mandated Lead Arranger
Term Facility
EUR 49,500,000
Mandate Lead Arranger
2015
2013
South Africa
2012
South Africa
2010
MTN Nigeria
Eskom Holdings, South Africa
USD 300,000,000
(incl. SEK CIRR Tranche of USD
100mn)
EUR 300,000,000 Ingula
Pumped Storage Scheme
Sole Arranger
EUR 75,000,000
Mandated Lead Arranger
Sasol Finance International
Hermes covered Export Finance
Facility
EUR 13,600,000
Sole Lender, Hermes Agent
43
44