The wind farm is being developed with a tier 1 supply chain comprising Seaway Heavy Lifting (SHL), Subsea 7, Nexans and Siemens.
Dave Anderson replaces Jim Thomas as the global head.
ICG intends to use a combination of existing cash and loans to finance the newbuild.
Cocobod’s last annual facility signed in September 2015 with a syndicate of 21 banks. The deal had a margin of 62.5bp over Libor.
McKenney succeeds Tony McLaughlin, who has moved to TTS EMEA.
The commitment deadline is for the dual-tranche facility is June 27.
Details are sketchy but the new deal is essentially an updating of the 2011 deal with “slightly better pricing and purchasers already in place".
The two institutions already share technical and financial expertise and will be seeking to streamline the joint financing of projects.
The debut syndicated loan is the latest in a new policy of funding diversification by CALC.
The loan was launched at $100 million with a further $100 million accordion option. However, bank appetite was such the facility - led by Cathay United Bank - was finally upped to $350 million.
The deal refinances construction payments which were largely funded by Wellard through internal cash.
The company’s credit facility was slashed from $475 million as the value of the company’s assets fell, however $288 was already borrowed.
The loan will mature in one year and 11 months, although it will be subject to another review before the end of the year.
The sponsors – AES and Grupo Motta – have also approached development banks and ECAs – including the IFC, IDB, Kexim and DEG Bank – for a potential second tranche of debt. If that facility goes ahead, commercial bank takes are likely to be reduced.
De Laat joined Rabobank 10 years ago as global head of TCF energy.
The pre-export loans have been pooled into a $1.07 billion five-year loan (final maturity 30 June 2021).
Not only is it Afrexim’s largest ever issue and bookbuilding, the bond came in vastly oversubscribed, demand tightening pricing by 37.5bp
The refinancing has been put in place early to take advantage of lower interest rates and the new deal has a “substantially lower margin” according to the borrower.
The new funding package streamlines and refinances existing borrowings and will provide working capital for export growth.
De Haldevang has spent more than 30 years in the insurance industry, focusing on credit and political risk, war, terrorism and political violence.