Apicorp, Natixis to syndicate $200m prepayment facility for Glencore

Arab Petroleum Investments Corporation (Apicorp), the multilateral development bank owned by the ten nations of the Organisation of Arab Petroleum Exporting Countries (OAPEC), and Natixis, the corporate, investment management and financial services arm of Paris-based Groupe BPCE, have been appointed to syndicate in GCC and the international bank market a two-year $200 million syndicated loan for Glencore Energy UK (Glencore).

Syndication was launched on January 21, 2013.

The loan will finance pre-payment for Glencore’s purchase of oil products from Morocco-based petroleum refinery Societe Anonyme Marocaine de l'Industrie du Raffinage (SAMIR). The loan facility has been structured around a prepayment agreement based upon a commercial contract signed between Glencore and SAMIR under which SAMIR will export part of its Naphtha and Jet Fuel production to Glencore.

Ahmad bin Hamad Al Nuaimi, Apicorp's CEO and GM, said: “We are pleased to partner with Glencore and SAMIR to bring this exciting transaction to the GCC market. This is a landmark deal that required Glencore’s marketing capabilities in addition to the high quality of SAMIR’s refining operations.  It is also the result of our strong cooperation with Natixis, widely recognized for its international expertise in commodity finance.”

Since its foundation in 1975, Apicorp has played a vital role in fostering the development and growth of the Arab energy industry through equity investments, project loans, trade finance, advisory and research.

Dominique Fraisse, Head of Global Energy and Commodities of Natixis, said: “Natixis is very pleased to put our 30 years’ worth of experience in structured commodity finance to work for the common interest of Glencore and SAMIR, by coordinating this tailor made and innovative transaction.  We are also very satisfied with the close level of cooperation we have achieved with Apicorp, which has been a recipe for success for this landmark transaction in Morocco.”

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