Deutsche Bank London has signed a US$100m term loan facility for the State Oil Company of the Azerbaijan Republic (Socar). The bilateral facility represents the extension and increase of the US$80m loan that Deutsche Bank and Socar signed in October 2009. The new loan has a one-year maturity and pays a margin of 1.5% per annum.
Ben Dobson, director of structured trade and export finance in Deutsche Bank’s global transaction banking division in London, said: “Deutsche Bank is very pleased to extend and increase the 2009 loan for Socar. This transaction reflects how highly we regard Socar as a client and Azerbaijan as an important market offering us new opportunities to serve client needs.”
Socar is the largest company in Azerbaijan, contributing over 14% of gross domestic product (GDP). Socar, which is 100% state owned, is active in all aspects of the petroleum industry, ranging from exploration and development, refining and transportation through to marketing.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.