Apicorp and Natixis to fund and syndicate a 2-year $200m prepayment facility between Glencore and Moroccan Samir Refinery
- Kuwait: Monday, January 28 - 2013 at 13:24
- PRESS RELEASE
Arab Petroleum Investments Corporation (Apicorp), which Kuwait government owns a 17% of it, it is the multilateral development bank owned by the ten nations of the Organisation of Arab Petroleum Exporting Countries (OAPEC), and Natixis, the corporate, investment management and financial services arm of Paris-based Groupe BPCE, have been appointed to syndicate in GCC and the international bank market a two-year $200m syndicated loan for Glencore Energy UK (Glencore). Syndication was launched on 21st January 2013.
Ahmad Bin Hamad Al Nuaimi, Apicorp's CEO and GM said: "We are pleased to partner with Glencore and SAMIR to bring this exciting transaction to the GCC market. This is a landmark deal that required Glencore's marketing capabilities in addition to the high quality of SAMIR's refining operations. It is also the result of our strong cooperation with Natixis, widely recognized for its international expertise in commodity finance."
Since its foundation in 1975, Apicorp has played a vital role in fostering the development and growth of the Arab energy industry through equity investments, project loans, trade finance, advisory and research.
Dominique Fraisse, Head of Global Energy and Commodities of Natixis said: "Natixis is very pleased to put our 30 years' worth of experience in structured commodity finance to work for the common interest of Glencore and SAMIR, by coordinating this tailor made and innovative transaction. We are also very satisfied with the close level of cooperation we have achieved with Apicorp, which has been a recipe for success for this landmark transaction in Morocco."
Natixis is one of the world's leading arrangers of commodity finance with globally-recognized arrangement and syndication capacity. The bank's energy and commodities business line provides banking solutions to a wide array of players involved at all stages of the energy and commodities value chain.
Alex Beard, Glencore's Global Head of Oil said: "This transaction is an example of the importance we place on maintaining close relationships with our commercial partners, and demonstrates the active support we can provide to them. The excellent cooperation between Glencore, SAMIR, Natixis and Apicorp enabled the transaction to be structured, documented and underwritten in a smooth and efficient manner."
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