Emmerson PLC - developer of the Khemisset potash mine in Morocco - Appoints 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 its Khemisset Potash project in Morocco. The four MLAs selected are ING Bank Group, Banque Centrale Populaire, Bank of Africa and a further unnamed ‘international European Bank.’
Based on current discussions, the $310 million dual-tranche project financing will be split between an ECA covered tranche led by UK Export Finance of $230 million and a dual currency commercial tranche of $80 million.
Chief Executive Graham Clarke says: ‘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.’
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