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Vicat Cement – IFC A/B project financing
23 March 2009
IFC helps cement a solid deal
Read more:
cement
IFC
Vicat
Kazakhstan
France
A/B loan
SG CIB
Calyon
This deal is a landmark financing not least because it represents one of the first co-financings for a privately-owned corporate company in Kazakhstan outside of the oil and gas sector. The IFC A/B loan incorporated a robust structure involving strong completion guarantee support from the sponsors and has set a benchmark for future similar projects in the region.
The deal is a landmark transaction for the cement industry with the application of structured and limited recourse finance mechanisms (completion support, sound and comprehensive security package, financial covenants, and a cash sweep). The deal illustrates the evolution of this industry since previous Trade Finance Deals of the Year, where cement deals were backed by a full recourse sovereign/corporate support...
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