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Erdenet – pre-payment financing
26 March 2010
Styled performance for Erdenet
MLAs: Banco Espirito Santo (BES); Rabobank International
Borrower: Ocean Partners – onlending to Erdenet
Amount: $55 million
Tenor: 1-year
Lawyers: Denton Wilde Sapte
Offtaker: Ocean Partners |
At a time during 2009 when ‘new’ metals financings deals were non-existent, Rabobank International brought a new pre-export financing deal together for Mongolia’s Erdenet Mining Corporation (Erdenet) in conjunction with Banco Espirito Santo (BES). This was the first big ‘new money’ metals deal for an emerging market producer in 2009. At the time the deal was the largest pre-financing ever arranged for Erdenet and for that matter the largest ever concluded in Mongolia. It also marks Rabobank’s inaugural entry into the country and in doing business with Erdenet. It is a worthy winner of a Deal of the Year award.
Of crucial importance to this transaction was the leading role taken by Ocean Partners UK (OP), acting as trader/offtaker, when they approached Rabobank with their requirements. In addition,...
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