Salford City Council’s £85m Pendleton social housing project will be funded through bonds benefitting from a credit-enhancement mechanism. Project sponsor SP+, which is led by Together Housing Group member Chevin Housing Association, has appointed Hadrian’s Wall Capital (HWC) on the structuring of the bond, says a source close to the deal. HWC will provide the bond credit-enhancement facility. An investment bank is also due to be appointed as bond manager. Financial closure was initially scheduled for July. HWC declined to comment.
Daily News Highlights
The Term Loan B market has created a steady stream of deals since the success of last year’s Panda Power Temple transactions, with increasingly complex risks being accepted by investors as they search for yield. By Alison Healey.
Myanmar will soon see its first project finance deal signed off. This is timely as Myanmar is finally but cautiously being embraced and welcomed on the world stage, with President Thein Sein making the first Myanmarese leader visit to the US in 47 years. By Minerva Lau.
Two large gas storage programmes in southern Europe could be among the first energy projects to benefit from the EIB’s project bond initiative, but work on the two is at very different stages. By Stefano Berra.
By Richard S Lincer, partner, and Adam Brenneman, associate, at Cleary Gottlieb Steen & Hamilton LLP. They lead the Cleary Gottlieb team that represented the Aerostar consortium in connection with the negotiation and financing for the privatisation of LMM in Puerto Rico.
For the past two years the Indian economy is on a slide with only modest recovery in sight for the next financial year. By Piyush Mishra*, partner at Luthra & Luthra Law Offices.
Energy Report 2013
The project finance market has been excited over the last few years by the funding of a range of world scale energy projects, culminating in the US$35bn Ichthys LNG scheme from late last year.