Eksportfinans awarded “Deal of the Year 2010” in two transactions

04.04.2011

The international magazine “Marine Money” each year awards “Deals of the Year” in several categories. For 2010 Eksportfinans was in the winning team in two of these categories: Export credit West (with the Pacific Drilling transaction) and Project Finance (with the OSX1 Leasing transaction). Marine Money “ is not surprised by the inordinate amount of nominations received when compared to other type of financing transactions – the power of export and its critical lubricant is noteworthy”.

Marine Money comments on the Pacific Transaction (abbreviated version):

“Despite difficult financial markets, Pacific Drilling Limited (“PDL”), with the assistance of DnB NOR and Credit Agricole CIB, successfully raised more than $1.8 billion from nine banks and two ECAs for the financing of four ultra-deep water drillships, being constructed at Samsung Heavy Industries for delivery in September 2010, March 2011, May 2011 and July 2011The syndication was successfully concluded in August 2010. Although there were substantial contributions from KEXIM and Eksportfinans/GIEK, a larger part of the risk was shifted to the commercial banks which had to commit substantially more than they anticipated at the beginning of the process.

The facility for pre- and post delivery financing was split between four term loans (one for each vessel) with each term loan consisting of a commercial bank tranche and a KEXIM tranche. Eksportfinans’ contribution to the syndication facility is USD 350 million and we are proud to be a part of the group that is awarded Deal of the Year for this transaction.

Marine Money comments on the OSX1 Leasing Transaction (abbreviated version): “Viewed as a pioneer transaction with a key new Brazilian oil and gas player, this transaction also marks the entry by EBX into the international offshore project financing arena.” Eksportfinans’ contribution to the syndication facility , led by DVB Bank, is USD 165 million and we are pleased to be a part of the group that was awarded Deal of the Year for this transaction.

Source: Marine Money, February/March issue 2011

 

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