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SMBC group wins PFI Global Bank of the Year 2008
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Project Finance International – the leading source of global project finance intelligence – has recognised the achievements of SMBC group in 2008 with their Global Bank of the Year award.
Thomson Reuters, LONDON —
SMBC has been an arranger on 49 deals totalling approximately US$125.1bn in 2008. The bank has completed major deals across the world, and managed to continue lending through the difficult conditions at this end of the year.
On the National Chevron Phillips (NCP) US$5.2bn polymers project, SMBC was a mandated lead arranger, documentation bank, facility agent and intercreditor agent. The financing was split into a US$1.8bn loan, with US$590m from US Ex-Im, US$800m from the PIF, US$320m from SIDF and US$1.5bn from equity.
Similarly large was the US$4bn Yemen LNG project, on which SMBC was involved in a 16-year US$650m commercial tranche. The bank also worked as documentation bank involving ECAs and the multi-national sponsor.
Also in the region was the latest loan in the Qatar Gas Transport Company (QGTC) LNG ship funding programme. SMBC was financial adviser and a mandated lead arranger on the US$1.5bn deal. A 60% balloon matched the 17-year loan tenor to the 25-year LNG charters.
The biggest deal of the year globally was the US$20bn Sakhalin II project in Russia, which also saw SMBC involvement. The bank was a mandated lead arranger and bookrunner on the US$1.6bn commercial loan running until 2021, and also technical bank. The commercial loan sat alongside a US$3.7bn JBIC loan.
In Asia,SMBC was a mandated lead arranger and bookrunner on the acquisition bridge loan for the privatisation of Tuas Power. The first Temasek genco sale saw Huaneng Power paying S$4.235bn (US$3.1bn) for the 2,670MW plant. The 18-month bridge is S$2.25bn.
SMBC was a mandated lead arranger and bookrunner on the Gheco-One IPP in Thailand. The 660MW plant received a 20.5-year loan totalling US$760m, of which SMBC was involved in the US$460m dollar-denominated tranche. The plant has a 25-year PPA with Electricity Generating Authority of Thailand. The bank joined the Marina Bay Sands S$5.25bn seven-year loan as an underwriter.
In Papua New Guinea a US$435m five-year borrowing-base style revolver for Oil Search saw SMBC take a mandated lead arranger role, secured against the company’s oil assets.
As mandated lead arranger SMBC underwrote more than £380m in UK rolling stock deals, split across the Porterbrook and Angel Trains transactions. The M6 Phase III financing in Hungary and the Zagreb Macelj financing in Croatia also saw SMBC involvement.
In the PPP sector, the bank worked on the Alberta Schools deal, the first bank/bond deal in the Canadian social infrastructure market, and the ITE West PPP project, the first accommodation PPP in Singapore. In the Netherlands, it was in the country’s first defence PPP, Kromhout Barracks, and the Rotterdam Detention Centre. The Kiel Particle Therapy Centre was the largest health PPP in Germany to-date. In the UK, there was the STAG LIFT PPP, involving a 125-year property leasehold, and the Leeds New Leaf Leisure PFI.
Latin American work included the São Paulo metro project, the ETM Intergen Mexico acquisition and AES Angamos. These two deals show that the bank’s commitment to lending in all places is matched by a commitment to lending at all times – both were signed at the height of the year’s drama in October, as were Gheco-One, Oil Search and Porterbrook.*
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| *The above article was published on the PFI website (www.pfie.com) on 10 December 2008 and includes references to SMBC. Please note that these references to SMBC refer to the SMBC group which includes SMBCE Limited.
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