The Japanese state-owned insurer has guaranteed a number of trade deals, the largest of which involves a Russian ammonia plant.
Nexi issued buyer’s credit insurance to Phos Agro-Cherepovets, a subsidiary of the major Russian fertiliser producer Phos Agro, for the construction of an ammonia plant on the banks of the Sheksna River, a tributary of the Volga.
The guarantee covers a US$176mn commercial portion of an overall debt of US$440mn, provided by BTMU, Citi, Mizuho and JBIC. The deal will see Mitsubishi Heavy Industries and Sojitz Corporation construct the facility. The finance has a tenor of seven years.
The agency issued buyer’s credit on a US$12.3mn loan received by African Kite Shipping of the Bahamas. The finance was lent by Mizuho and Iyo Bank, with a 5.5-year tenor. The company will use the loan to purchase one 61,000DWT (deadweight tonnage)-class bulk carrier built by Imabari Shipbuilding, a subsidiary of Itochu.
It was involved in the US$68mn in loans issued by BTMU, ANZ and JBIC to the Indonesian government for the purchase of 965 Isuzu trucks. Nexi covered the seven-year, US$34mn commercial portion of the loan.
Finally, it issued a 13-year buyer’s credit policy for the US$31.3mn loan received by NTPC, an Indian company, for the renovation of its Auraiya gas-powered plant in Predesh state. The loan was provided by SMBC, with JBIC weighing in with an additional US$47mn in debt.