PSA PANAMA INTERNATIONAL TERMINAL
Clifford Capital acted as Sole Structuring Mandated Lead Arranger in a Senior Secured Term Loan Facility to finance the Phase II expansion of PSA Panama International Terminal, located at the Pacific side of the Panama Canal. Clifford Capital’s financing enabled PSA International to achieve expeditious financial close for a financing in a distant market.
Clifford Capital provided a US$4.4 billion Senior Secured Term Loan Facility alongside ECAs and DFIs including EDC, Efic, US Exim, EBRD, FMO and IFC, and commercial banks to fund the development of Oyu Tolgoi, one of the largest known copper-gold mines in the world located in the South Gobi Desert, Mongolia. This landmark transaction represents one of the largest project finance deals in the metals and mining industry and was awarded Asia-Pacific Mining Deal of the Year by PFI in 2015 and by IJGlobal in 2016.
Clifford Capital acted as Initial Mandated Lead Arranger alongside IFC and CDC for the US$309 million Senior Term Loan financing for Sembcorp Utilities’ 414 MW gas-fired power plant in Sirajganj, Bangladesh. This financing sets a new benchmark as the longest tenor commercial project finance loan in Bangladesh to date and has been recognised by IJGlobal as the Asia-Pacific Power Deal in 2017.
Clifford Capital acted as Initial Mandated Lead Arranger, providing a mix of fixed and floating rate loans as part of a US$250 million Senior Secured Term Loan financing for Sembcorp Utilities’ 225MW gas-fired power plant in Myingyan, Myanmar. As the first internationally financed power project in Myanmar, it is a landmark transaction which won several awards including the Asia-Pacific Power Deal of 2017 from PFI. Clifford Capital played a pivotal role in helping Sembcorp Utilities develop a bankable financing structure for the project.
Clifford Capital, as part of a bank syndicate, provided an AU$532 million Senior Secured Term Loan to Keppel Infrastructure Trust (KIT) for the acquisition of Ixom, a diversified chemicals business with large-scale operations in Australia and New Zealand. This acquisition augmented KIT’s portfolio in the distribution and network segment and reduced its concentration of defined life, concession assets through the addition of a stable business with potential for long-term growth.
PORT KLANG LPG TERMINAL
Clifford Capital provided a US$50 million Senior Secured Term Loan alongside another commercial lender to Global Petro Storage (GPS), a Singapore-based midstream and logistics developer, for the construction of their 134,000m3 LPG terminal in Port Klang, Malaysia. Clifford Capital’s support helped bridge a financing gap that enabled GPS’ expansion into a new market overseas.
Clifford Capital supported three Greenko bond offerings to date to fund the growth of its wind, solar and hydro power portfolio in India – the US$500 million Senior Secured Bond in 2016, the US$1 billion Senior Secured Green Bond in 2017, and the US$950 million Senior Secured Green Bond in 2019. Greenko is a leading renewable energy developer and operator in India, majority owned by GIC Singapore.
MERSIN INTERNATIONAL PORT
Clifford Capital supported Mersin International Port as a cornerstone investor in the US$450 million Senior Bond in 2013 and more recently the US$600 million Senior Bond refinancing in 2019. Mersin International Port, the second largest port in Turkey, is owned and operated by Singapore-based PSA International.
GENESEE & WYOMING
Clifford Capital participated in a US$2.55 billion Senior Secured Term Loan B Facility in support of GIC in its acquisition of Genesee & Wyoming, an essential and highly diversified short-line rail transportation network platform in North America, the U.K. and Europe.
SUMMIT GAZIPUR II
Clifford Capital acted as Mandated Lead Arranger and Joint Coordinator for the US$140 million Senior Secured Term Loan financing for Summit Power International’s 300MW oil-fired power plant in Gazipur, a fast-track project that was developed in nine months to meet Bangladesh’s growing need for power. Clifford Capital played a key role by helping Summit structure the financing and provided a fixed rate term loan for the project, bridging a financing gap in the Bangladesh market where project financing appetite from commercial banks remained nascent. Learn More
SUMMIT LNG TERMINAL
Clifford Capital participated in a US$97 million Senior Secured Term Loan Facility for Summit Corporation Limited’s 500mmcfd LNG Terminal in Bangladesh which included a Floating Storage and Regasification Unit that facilitated the import of LNG to address the shortage of gas in the country given the increasing demand for power.
Clifford Capital acted as Mandated Lead Arranger in Energy Drilling’s US$175.5 million Senior Secured Term Loan Facility to take delivery of two newbuild tender barges in 2014, providing support for a newly established globally oriented Singapore enterprise with credible sponsors and management in its initial start-up phase. Clifford Capital continued supporting the company in subsequent refinancings in 2017 and 2019.
(Photo courtesy of Energy Drilling)
Clifford Capital acted as Lead Arranger for a US$250 million Senior Secured Term Loan Facility to finance the delivery of Q5000, an ultra-deepwater well intervention vessel was built at Sembcorp Marine shipyard in Singapore.
Clifford Capital invested in a US$207.5 million first priority Norwegian bond issued by Marina Bay Holdings to finance the delivery of the Neptuno, a newbuild DP3 semi-submersible accommodation rig which was used to provide offshore construction and maintenance services to Pemex. Marina Bay Holdings is the first Mexican offshore services company to set up operations in Singapore. Clifford Capital’s support helped anchor Marina Bay Holdings in Singapore, maintaining Singapore’s position as a global hub for oil and gas services.
(Photo courtesy of Neptuno Offshore)
Clifford Capital provided a US$80 million Senior Term Loan Facility alongside other commercial lenders to finance two liftboats constructed at Triyards, a Singapore SME shipyard. The financing helped Triyards secure what was their first major contract with a new buyer, Falcon Global, a joint venture company of Seacor Marine . Clifford Capital further supported Seacor Marine in a subsequent refinancing of this Facility in 2018.
(PREVIOUSLY SEAFOX 5)
Clifford Capital supported a Keppel FELS joint venture in the EUR88.5 million financing of the Seafox 5, one of the largest and most advanced multi-purpose offshore wind turbine installers of its kind. Being the first such vessel built in Singapore in 2012, the vessel can operate in deeper waters and withstand harsh offshore environmental conditions year round in the North Sea. The credit facility and subsequent refinancings played a role in helping a Singapore shipyard commercialise an innovative product in the renewable space.
(Photo courtesy of Blue Tern)
MODEC MV29 FPSO
Clifford Capital provided a US$1.264 billion Senior Term Loan Financing alongside Japanese export credit agency, JBIC and a group of commercial banks to finance the conversion of the MODEC MV29 FPSO which will be deployed in Brazil under a long-term charter with Petrobras. Clifford Capital’s financing was predicated on the FPSO EPC work carried out in Singapore by MODEC’s Singapore-based subsidiary.
GINA KROG FSO
Clifford Capital acted as Mandated Lead Arranger in a US$230 million Senior Secured Term Loan Facility to finance the conversion of a shuttle tanker into a floating storage and offload vessel (FSO) named Gina Krog, which was subsequently deployed on a long-term charter with Equinor in Norway. Clifford Capital’s financing was provided on the basis of the conversion works carried out by Sembcorp Marine in Singapore.
BW GAS JUJU LNG
Clifford Capital acted as Mandated Lead Arranger in a US$685 million Senior Secured Term Loan Facility for BW Gas Juju LNG, a joint venture between BW Gas and Marubeni Corporation, to finance eight LNG vessels on long term charters to Nigeria LNG. Clifford Capital's financing was predicated on supporting the BW Group, leading global maritime group with a presence in Singapore.
MARINE CONTAINER MANAGEMENT
Clifford Capital provided a US$153.8 million Senior Secured Term Loan Facility alongside a group of commercial banks to finance the Buss Global-led acquisition of a portfolio of containers from Magellan Maritime Services GmbH. Clifford Capital also helped bridge the financing with a preferred equity investment in Marine Container Management Limited Partnership, the acquisition and investment vehicle.
Clifford Capital acted as Co-Arranger in a US$270 million Senior Revolving Credit Facility for Teekay Tankers to refinance a fleet of 14 crude and product tankers. This transaction was undertaken as part of Clifford Capital's effort to support international maritime companies with strategic presence in Singapore, bolstering Singapore’s role as an International Maritime Centre. Clifford Capital has since continued to support Teekay Tankers in their subsequent financings, the most recent being a US$532.8 million Senior Secured Revolving Credit Facility in 2020.
LIZA DESTINY FPSO
Clifford Capital acted as Initial Bookrunning MLA in the US$720 million Senior Secured Term Loan financing for SBM’s Liza Destiny FPSO which would be deployed in Guyana under a long-term charter with ExxonMobil. The FPSO conversion was undertaken at Keppel Shipyard with topside modules supplied by Dyna-Mac, a Singapore SME. This is the first long-dated, limited-recourse financing in Guyana.
(Photo courtesy of SBM Offshore)
QUANTUM PACIFIC SHIPPING
Clifford Capital was the sole lender in a US$31.9 million Senior Secured Term Loan to Quantum Pacific Shipping for the financing of two newbuild drybulk carriers. This was the inaugural financing between Clifford Capital and Quantum Pacific Shipping, a premier shipping company that is headquartered in Singapore.
Clifford Capital participated in a US$1.55 billion Senior Term Loan and Revolving Facility to Maersk Drilling as part of its demerger from the AP Moller Group, secured by a fleet of 20 drilling rigs. Maersk Drilling, a top-tier drilling company with a sizeable presence in Singapore, is a repeat customer of the Singapore yards.
(Photo courtesy of Keppel FELS)
TEEKAY SHUTTLE TANKERS
Clifford Capital acted as Mandated Lead Arranger in a US$415 million senior secured financing for Teekay Shuttle Tankers (TST) to finance a fleet of four newbuild DP2 shuttle tankers, alongside Eksportkreditt Norge, The Norwegian Export Credit Guarantee Agency (GIEK), Export Development Canada and a group of commercial lenders. TST is the world’s largest owner and operator of shuttle tankers with a material presence in Singapore. These highly fuel-efficient shuttle tankers will serve to substantially reduce TST’s carbon footprint.
Clifford Capital acted as Arranger and supported Børr Drilling in the provision of a US$450 million Senior Secured Credit Facility alongside a group of commercial lenders to finance nine jackup drilling rigs, seven of which were delivered or due to be delivered from Singapore shipyards.
(Photo courtesy of Børr Drilling)
Clifford Capital acted as Lead Coordinator and Bookrunning Mandated Lead Arranger for the US$700 million Senior Secured Term Loan Facility to finance the construction of the Gimi Floating Liquefied Natural Gas (FLNG) vessel which would be converted at Keppel shipyard. The Gimi is jointly owned by Golar LNG and Keppel Capital. This is the first limited recourse project financing for a FLNG vessel in the commercial bank market, and it has been recognised by PFI as the Africa LNG Deal of 2019.
(Photo courtesy of Keppel Shipyard)