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Taylor-DeJongh Awarded
ALBA Phase II Financial Advisory and Debt Raising Mandate July 1, 2002. Taylor-DeJongh Awarded ALBA Phase II Financial Advisory and Debt Raising Mandate Taylor-DeJongh, in association with the Bahrain-based Islamic Finance Consultants (E.C.), has been awarded the “Phase II” Financial Advisory role by Aluminium Bahrain B.S.C. ("ALBA") for the $1.7 billion expansion project, including a 5th pot line, an additional 400 MW of power generation, and additional facilities at its smelter in Manama, Bahrain. Taylor-DeJongh and Islamic Finance Consultants also advised on Phase I for the project. The firms will provide comprehensive capital raising advice to Alba, including development of the optimal capital structure and financing plan, advice on hedge strategies, development of an Information Memorandum, and solicitation and evaluation of financing from various capital sources, including commercial banks, export credit agencies, Islamic financial institutions and capital markets. In making the announcement, Terry Newendorp, Chairman and CEO of Taylor-DeJongh, stated “It is an honor to continue working with ALBA on this important project. They are an outstanding company, and we are pleased to be part of this major commercial expansion of their already world class facilities.” June 19, 2002. Taylor-DeJongh Awarded Ibiritermo Financial Advisory Taylor-DeJongh has been awarded another unique joint advisory engagement to represent U.S. Ex-Im Bank and SACE (the export credit agency of Italy) on the Ibiritermo Brazilian thermal power project. The Project is a $203 MM capital undertaking, sponsored by Edison (Fiat Energia) and Petrobras. It is anticipated that the debt facilities will be by BNDES, U.S. Ex-Im Bank and SACE. TDJ will provide financial advisory services to Ibiritermo lenders for the financing of the Ibirite thermal power plant in Brazil. Responsibilities include detailed analysis of the project structure, project agreements, and total credit structure. Taylor-DeJongh has multiple ongoing projects in Brazil, representing both Sponsors and Lenders. Taylor-DeJongh has been ranked repeatedly as the #1 Latin America Adviser in Infrastructure Journal and Privatisation International league tables. For 2001, Taylor-DeJongh was awarded “Financial Advisor of the Year – Latin America” as well as “Deal of the Year –Tiete” by Infrastructure Journal. January 25, 2002. Taylor-DeJongh Appointed Financial Advisor to U.S. Ex-Im Bank For Baku Tbilisi Ceyhan Pipeline Project Taylor-DeJongh has been selected as Financial Advisor to the US Ex-Im Bank’s Project Finance Division for the financing of the $3.2 billion Baku-Tbilisi-Ceyhan (BTC) Pipeline Project being developed by a consortium of international companies including BP, Amerada Hess, Socar, Itochu Corp, Unocal, Statoil ASA, Turkiye Petrolleria, A.O., and others. Terry Newendorp, the President and CEO of Taylor-DeJongh noted: “We have been monitoring the development of this important project for many years, and Taylor-DeJongh is proud to be part of the team trying to realize this ambitious undertaking which is so critical to the region and the international community.” The BTC pipeline will transport up to one million barrels per day from the Sangachol Terminal near Baku in Azerbaijan, through Georgia, to an export terminal to be developed at Ceyhan on the Mediterranean coast of Turkey. Multiple lenders are expected to participate in this complex transaction. Taylor-DeJongh will conduct a detailed assessment of the Project’s general structure, financials, project economics, lender collateral security issues, and risk profile and support Ex-Im Bank in negotiations on various credit matters involving lenders and the sponsors to the project.
Sovereign
Risk Insurance Launches the Real Exchange Rate Liquidity (REX) Product Taylor-DeJongh Awarded Alba Expansion Financial Advisory November 26, 2001. Sovereign
Risk Insurance Launches the Real Exchange Rate Liquidity (REX) Product Taylor-DeJongh is pleased to announce that Taylor-DeJongh acted as financial adviser to Sovereign Risk Insurance Limited in the development of the Real Exchange Rate Liquidity (REX) product announced by Sovereign today. The REX product is a highly structured insurance product that provides coverage to eligible projects against large foreign exchange rate movements. The REX product is designed for projects with local currency revenues indexed to local inflation and with foreign currency denominated debt. REX coverage is structured to protect lenders/investors against the potential currency mismatch, but does not cover unrelated variations in project revenue. Sovereign is the first private insurer to offer the REX product. The Overseas Private Investment Corporation (OPIC), an agency of the US government, has provided this product previously in the Tiete Holdings transaction in Brazil. Taylor-DeJongh acted as financial adviser to OPIC in this transaction. “The launch of this product today is an exciting development in the project finance industry. It is designed to address one of the key risks faced by infrastructure projects in markets around the world” said Terry Newendorp, Chairman and CEO of Taylor-DeJongh. Additional information, including minimum project
eligibility requirements, is available at the websites of Taylor-DeJongh
(www.taylor-dejongh.com) and Sovereign (www.sovereignbermuda.com). November 13, 2001. Taylor-DeJongh Appointed Financial Advisor to U.S. Ex-Im Bank For Ankara Turkey Power Project Taylor-DeJongh has been awarded the Financial Advisory mandate to assist the U.S. Export-Import Bank in structuring loan facilities for the 770 MW combined cycle gas-fired Ankara BO power plant in Turkey sponsored by Tractebel S.A. and Mimag Insaat ve Ticaret. TETAS, the Turkish government-owned electric utility will be the offtaker for the entire production of the power plant. Construction of the plant, which will be located in Ankara, begun in July 2001 and the plant will be operational in 2003. This is the latest of a long line of Turkey power project advisories by Taylor-DeJongh, dating back to 1992. The firm was also financial advisor for three recently closed power projects in Turkey: Gebze, Izmir and Adapazari. Currently, Taylor-DeJongh is advising the U.S. Export-Import Bank on 4 other projects, all of which are in Latin America. Taylor-DeJongh’s scope of work on the project will include: analysis of all the project documents; investment risk assessment; creating a financial model; assisting in negotiating the financing conditions and lender security package; structuring of project loans; and a number of other technical and financial issues relating to the project. June 25, 2001. Taylor-DeJongh
Appointed Financial Advisor to U.S. Taylor-DeJongh has been awarded the Financial Advisory mandate to assist the U.S. Export-Import Bank in structuring loan facilities for the 1,036 MW combined cycle gas-fired Altamira III & IV power plant in Mexico sponsored by Iberdrola. The “Comision Federal de Electricidad” (CFE), the Mexican government-owned electric utility will be the offtaker for the entire production of the power plant. Construction of the plant, which will be located in the industrial port of Altamira (Tamaulipas State), is slated to begin in August 2001 on a B.O.O. basis and the plant will be operational in 2003. Taylor-DeJongh has worked on four closed power projects in Mexico: Termo Bajio, Samalayuca II, Merida and Chihuahua, all part of CFE’s IPP program. Furthermore, the company is currently advising on multiple ongoing projects in Latin America, mainly Brazil and Argentina, representing both Sponsors and Lenders. Taylor-DeJongh’s scope of work on the project will include: analysis of all the project documents; investment risk assessment; assisting in negotiating the financing conditions and lender security package; structuring of project loans; and a number of other technical and financial issues relating to the project. The advisory will be managed by Taylor-DeJongh
Washington D.C. headquarters. May 17, 2001. Taylor-DeJongh
Acts as Advisor to OPIC on $300 Million Tietê Financing in
Brazil Taylor-DeJongh, Inc. is pleased to announce that it acted as financial advisor to the Overseas Private Investment Corporation (OPIC) in connection with the issuance of $300 million of Certificates by the Tietê Certificates Grantor Trust on May 15th. The certificates are supported by a $30 million foreign exchange liquidity facility guaranty and $85 million of currency inconvertibility insurance issued by the Overseas Private Investment Corporation. Taylor-DeJongh assisted OPIC in structuring the foreign exchange liquidity facility guaranty, in assessing the overall risk profile of the transaction, and in negotiating the guaranty documentation. This transaction marks the first use of the new OPIC liquidity facility guaranty, which provides the certificate holders with protection against devaluation of the Brazilian real against the dollar. In making the announcement, Terry Newendorp, Chairman and CEO, stated, "We were very pleased to work with OPIC on this important project. OPIC's new liquidity guaranty facility is a significant addition to the risk mitigants available for emerging market project financings." The proceeds of the offering will be used to refinance debt associated with the acquisition of the controlling interest of AES Tietê, S.A. a Brazilian hydroelectric company, by AES Tietê Holdings Ltd. in 1999. AES Tietê Holdings is a subsidiary of AES Corporation. Tietê operates ten hydroelectric generating plants with an installed capacity of 2651 MW, serving Sao Paulo. Taylor-DeJongh is currently acting as financial
advisor for several other power, industrial, and petrochemical projects
in Brazil. March 21, 2001. APICORP
Taylor-DeJongh Advisory Services Alliance Arab Petroleum Investments Corporation (APICORP) and Taylor-DeJongh announce the formation of an alliance to be known as APICORP Taylor-DeJongh Advisory Services to provide financial advisory services to the energy industry in the Middle East and North Africa. A Memorandum of Understanding was signed today in Abu Dhabi by Mr. Rasheed Al-Maraj, General Manager & Chief Executive of APICORP and Mr. Terry Newendorp, Chairman & CEO of Taylor-DeJongh, stating that the alliance will jointly provide financial advisory services to clients in the oil & gas and power generation industries throughout the Middle East and North Africa. The alliance brings together two of the leading providers of financial services for the energy sector. APICORP is the leading financial institution in the Middle East and North Africa for oil & gas industry projects, specialising in finance arranging. APICORP has also been active as an investor in companies operating in the petroleum and petrochemical industries. Taylor-DeJongh ranks as one of the world’s foremost project finance advisors, being named number one financial advisor in the Middle East and Africa every year since 1996 (Source: Privatisation International). In 2000, the company was named as the world’s number one financial advisor in the oil & gas and power sectors (Source: Infrastructure Journal). APICORP, a company which is registered in Saudi Arabia and has its head office in Dammam, was established in 1975 by ten Member States of the Organisation of Arab Petroleum Exporting Countries (OAPEC). The company, which operates on a commercial basis, aims to promote the development of the hydrocarbon sector in the Arab World. Pursuant to this, the company has taken equity positions in new projects and companies throughout the Middle East and North Africa. In addition, APICORP has played a leading role in developing project financing structures in the region and has acted as an Arranger on almost all of the major hydrocarbon related financings in the region in recent years. APICORP has also acted as financial advisor to companies in the petrochemical sector in Saudi Arabia. January 9, 2001. Taylor-DeJongh
Awarded UAE Offsets Group Advisory for Fujairah Water and Power
IWPP Taylor-DeJongh (TDJ) has been awarded a financial advisory role with the UAE Offsets Group ("UOG") for the Fujairah water and power IWPP, which is currently in development. The project, expected to be a more than $1Bn undertaking, will involve the construction and operation of a water production capacity of 100 million gallons per day, plus a water pipeline to the city of Al Ain, and power generation in the range of 100-200 MW. Because of the need for rapid execution of this project, UOG is conducting a tender process for EPC contractors, and also is concurrently seeking expressions of interest from prospective partners who would take up to 49% equity participation and also operate and maintain the facility. The party that is chosen to be the partner in the transaction will also work with the UOG in negotiating the necessary project agreements and financing commitments for this project, ultimately structured and financed on a non-recourse project finance basis. TDJ will provide advisory services to UOG for the project structuring, the risk identification and allocation issues, the bankability issues in the EPC contract and the structuring of other project documents. TDJ Chairman & CEO, Terry A. Newendorp, says: "We have long respected the UOG program, and are very pleased to have the opportunity to work closely with them on such an interesting and challenging project. We have a long-standing commitment to the Region, and we look forward to continuing to support the growth of project finance as a useful mechanism in the industrial development cycle.” January 2, 2001. Taylor-DeJongh Awarded Alba Expansion Financial Advisory Taylor-DeJongh, Inc. has been awarded the Financial Advisory role by Aluminium Bahrain B.S.C. ("ALBA") for the $1.7 Billion expansion project including a 5th pot line, an additional 400 MW of power generation, and additional facilities at its smelter in Manama, Bahrain. A feasibility study of the undertaking was concluded by ICF Kaiser in October 2000, and the project's implementation was the subject of a recent ALBA Board of Directors meeting. The scope for Taylor-DeJongh, which will undertake the assignment in cooperation with its Bahrain-based associate, Islamic Finance Consultants (E.C.), will include a review of the economic feasibility study and analysis of all options for the structuring of the financing of the expansion, including an evaluation and recommendations for the financing structure that will provide the terms most suitable for ALBA for the undertaking. Options will be developed for financing all or part of the expansion as a project financing, from various capital sources, including commercial banks, export credit agencies and capital markets. In making the announcement, Terry Newendorp, Chairman and CEO, stated “It is an honor to be working with ALBA on this important project. They are an outstanding company, and we are pleased to be part of this major commercial expansion of their already world class facilities.” Islamic Finance Consultants is a Bahrain-based
financial advisory & brokerage company specialized in Islamic
Finance structures, and is a joint venture of Abu Dhabi Investment
Company, with Abdelhak El Kafsi as its Managing Director.
Taylor-DeJongh
Closes $2.2 Bn worth of Turkey Power Projects October 17, 2000. Taylor-DeJongh Closes $2.2 Bn worth of Turkey Power Projects In September, Taylor-DeJongh concluded two years of structuring and negotiations of financing, acting on behalf of the U.S. Ex-Im Bank as the lead arranger and provider of almost $1 Bn of debt for the three InterGen Energy and Enka gas-fired IPPs at Gebze, Adapazzari and Izmir, Turkey. The projects are all structured legally as “BO” or “Build-Own” power projects under Turkey’s complex array of legal structures for private sector participation in the power sector. The sponsors chose U.S. Ex-Im Bank as the lead arranger and primary debt provider in the fall of 1998. No other financial institution in the world had available capacity in the amounts that the sponsors needed in order to close the three projects, in the time frame that was required under the Government of Turkey’s bidding requirements. All three projects total 3300 MW in capacity. These projects mark another milestone in the long track record of successful project financings in Turkey by Taylor-DeJongh, as the firm and its professionals have been closely involved with two prior closed BOT power projects and have advised many developers in bids for TORs and for BOT power projects in Turkey. The firm has also been deeply involved in gas pipelines within and to Turkey. October 13, 2000. Impending Closing of Three Major Turkey Power Projects After two years of negotiations with the Sponsors (Intergen, Enka Insaat), Turkish Government entities, and the lenders, the three landmark Build-Operate (BO) gas-fired combined-cycle power projects are within weeks of financial close. Taylor-DeJongh has been serving as Financial Advisor to the U.S. Export-Import Bank, which is providing its financing commitment of close to US $1 billion and is the single largest lender to the transaction. In addition to US Ex-Im Bank, OND of Belgium, Hermes of Germany and OPIC are the other Senior Lenders in the projects. These projects are: the 777 MW Adapazari power plant; the 1,554MW Gebze power project; the 1,524 MW Izmir Project. The total cost for all three projects is in excess of US $2 billion. The projects represent about 17% of Turkey's current installed capacity. Taylor-DeJongh has been ranked the #1 project finance advisor for the Middle East for the past 5 years, and these projects demonstrate the depth of the firm’s capabilities in the region. Taylor-DeJongh’s scope of work, which covered all three power projects, included assisting the U.S. Export-Import Bank with the analysis of completion and operating risks, project economics, assessing credit issues with respect to related parties in the transactions, formulating financing terms, and negotiating with the Sponsors on project documents and financing agreements. In August, a delegation of Senior Lenders and their advisors held meetings with related Turkish authorities in order to finalize outstanding local issues and to obtain updated information concerning payment and gas issues in Turkey. Currently, the Lenders and the Sponsors are in the process of completing all the required financing agreements. The financial closing is expected this fall. September 21, 2000. Taylor-DeJongh awarded Rio Polimeros, Brazil Financial Advisory work Taylor-DeJongh has been awarded a unique joint advisory engagement to represent U.S. Ex-Im Bank and SACE (the export credit agency of Italy) on the Rio Polimeros Brazilian petrochemical project. The Project is a $1.0 Bn capital undertaking, sponsored by major Brazilian industrial groups, Unipar, Sozano and Petrobras. It is anticipated that the debt facilities will be by BNDES, U.S. Ex-Im Bank and SACE. Rio Polimeris S. A. is a special purpose company owned by the Brazilian sponsors and created to develop, build, own and operate an integrated ethylene and polyethylene complex located in the State of Rio de Janeiro, Brazil. The project will be located in the industrial area of Duque de Caxias adjacent to Petrobras’ Duque de Caxias refinery, approximately 30 km from downtown Rio de Janeiro. Rio Polimeros will be the first fully integrated ethylene and polyethylene facility in Brazil, establishing a new standard for economies of scale and production efficiencies. It will also be the first natural gas feedstock ethylene cracker in the country with 520,000 tons per year design capacity. Taylor-DeJongh has multiple ongoing projects in Brazil, representing both Sponsors and Lenders. Since 1996, the firm has been repeatedly ranked as #1 financial advisor in Latin America in the Privatisation International League Tables. This project makes the 3rd project financing advisory of the firm in which BNDES is a co-lender in the transaction, including the Nueva Central power project of Enelpower in Argentina, where the firm represents SACE, and Araucária power project, where Taylor-DeJongh represents the U.S. Ex-Im Bank. September 13, 2000. Taylor-DeJongh appointed Financial Advisor to U.S. Ex-Im Bank El Paso Brazil Power Project Taylor-DeJongh is awarded the Financial Advisory mandate to assist Export-Import Bank of the U.S. in structuring loan facilities to the 469 MW combined cycle gas-fired Araucária power plant in Brazil sponsored by El Paso Energy International, COPEL, and Gaspetro. The project is believed to represent a cutting edge model for future thermal project financings in Brazil. OPIC and BNDES will be co-lenders on the transaction. Taylor-DeJongh has multiple ongoing projects in Brazil representing both Sponsors and Lenders. The Araucária Project is to be constructed near Curitiba in the State of Paraná and will be Brazil’s first gas-fired power plant to use natural gas from the Bolivia-Brazil gas pipeline. Companhia Paranaense de Energia – COPEL, a fully integrated electricity company engaged in generation, transmission and distribution of electricity in Paraná State, will be the operator and sole offtaker of the Plant capacity and energy. The plant will be constructed by Bechtel corporation and will be operational by the end of 2002. Taylor-DeJongh’s scope of work on the project will include: analysis of all the project documents; investment risk assessment; assisting in negotiating the financing conditions and lender security package; structuring of project loans; and a number of other technical and financial issues of the project. The advisory will be undertaken by the Taylor-DeJongh Washington D.C. headquarters. August 30, 2000. Taylor-DeJongh Announces Financial Close of $435 Million Bajio Power Plant in Mexico Today Taylor-DeJongh announced the financial closing of the $435 million credit facilities for the Bajio power plant, a 600 megawatt, natural gas-fired, combined cycle power facility that will be built, owned and operated by InterGen and AEP Resources, a subsidiary of American Electric Power. The facility is located near the municipality of San Luis de la Paz in the state of Guanajuato, approximately 160 miles from Mexico City. Taylor-DeJongh acted as the overall financial adviser to the U.S. Export-Import Bank (Ex-Im Bank) Project Finance division. The Ex-Im Bank Comprehensive Guarantee Program was utilized as a vehicle to attract US $215 million project investment from Citibank supplemented by other financing vehicles and sources. InterAmerican Development Bank A/B loan will provide US $22.5 million for the project under the A Loan and a consortium of commercial banks, including, BNP Paribas, Deutsche Bank, Citibank and Dresdner Bank, will provide US $113 million under the B Loan. Bajio is unique among private sector Mexican facilities in its state/private offtaker structure. Approximately 495 MW of the project's power will be made available to the Comisión Federal de Electricidad (CFE) under a 25-year power purchase agreement (PPA) structured as a build-own-operate contract. The remaining 105 MW of the project's power will be made available for supply to third party industrial customers. The facility is expected to begin commercial operations in November of 2001. "Taylor-DeJongh is proud to be part of Bajio, formerly known as El Sauz project," said Terry Newendorp, Chairman and CEO of Taylor-DeJongh. "This is the second Mexico project after Samalayuka II on which we have worked with the U.S. Ex-Im Bank for the past five years. For the past five years we closed ten projects in Mexico and will continue to expand our business operations in this region in power and other sectors.” Bajio is the fifth of 10 power station projects
the Mexican Government has put to bid since 1997. According to Mexico
Energy Secretary Luis Téllez, electricity demand growth in
Mexico is 7 percent per year, and Mexico needs to put in operation
approximately 3000 MW per year to meet this demand.
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