Emmerson, the Moroccan focused potash development company, has announced the appointment of a syndicate of leading international and Moroccan banks as initial mandated lead arrangers to co-ordinate and fund dual-tranche debt financing facilities for the development of the company’s Khemisset Potash Project in Morocco.
The four MLAs selected are ING Bank, Banque Centrale Populaire, Bank of Africa (Groupe BMCE) and one further international European Bank. ING Bank is mandated to act as Export Credit Agency Co-ordinator and Documentation Bank. Based on current discussions, the US$310 million dual-tranche project financing will be split between an ECA covered tranche led by UK Export Finance of US$230 million and a dual currency (US$ and Moroccan Dirham) commercial tranche of US$80 million.
Graham Clarke, CEO of Emmerson commented: "We are delighted to have received strong demand for the project financing from both lenders and ECAs, and our selection of MLAs with significant international and domestic expertise in natural resources project financing reflects the quality of the Khemisset Project, Morocco as an investment jurisdiction, and market recognition of the critical importance of potash in the context of international food security. The appointment of the MLAs represents an important milestone in the company’s progress towards establishing Africa’s first commercial potash mine for nearly 50 years.”
Sender International Ltd and Colosseum Development (Morocco) are advising Emmerson on the debt financing of the Project, working alongside Tamesis Partners LLP as the Company’s financial adviser for the financing of the Project. The company has also appointed Pillsbury Winthrop Shaw Pittman LLP as legal counsel in respect of the debt financing.
Read the article online at: https://www.worldfertilizer.com/potash/14022023/emmerson-plc-appoints-mandated-lead-arrangers-for-khemisset-mine-project-financing/
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