JANUARY 2013
Transactions
99
PEtRoBRaS SEcURES $1Bn Loan FacILItY FRoM JaPan BanK FoR IntERnatIonaL cooPERatIon (JBIc)
Brazil’s state-owned oil company Petrobras has signed a loan of up to $1 billion to finance a cogeneration facility and other GHG-reducing efforts.
The Japan Bank for International Cooperation (JBIC) will pay $600 million, according to JBIC, while the Bank of Tokyo-Mitsubishi UFJ, which is co-financing the loan, will provide $400 million. JBIC will provide a partial guarantee for the co-financed portion.
The long-term loan will finance two energy efficiency projects, according to JBIC. One is a cogereration project at Comperj oil refinery, under construction outside of Rio de Janeiro. The second is for a flaring gas reduction project at multiple offshore oil concessions in the Campos Basin, Brazil’s main oil producing region. This reduces GHG emissions by diverting flaring gas, which would be otherwise wasted, to increase the supply for domestic consumption in Brazil.
JBIC estimates GHG emission reductions will reach 0.3 million tons of CO2 per year from the CHP project and 2.41 million tons of CO2 per year from the flaring gas reduction project.
This is the bank’s first loan targeting specific projects under its GREEN (Global action for Reconciling Economic growth and ENvironmental preservation) program.
Costa, Waisberg e Tavares Paes acted as counsel for Japan Bank for International Cooperation (JBIC) in order to return to the Brazilian market with a US$1 billion loan to Petrobras, in connection with power efficiency purpose. Partner Antonio Tavares Paes and Senior Associate Leandro Amorim C. Fonseca led the transaction. LM
GFH caPItaL acQUIRES LEEdS UnItEd FootBaLL cLUB
dubai-based investment bank, GFH capital Limited has finalised the deal for the acquisition of Leeds United Football club. the signing of this deal marks the start of a short transitional period in terms of the full change in ownership and control of the club. Following football league approval, LUFc Holdings Limited a subsidiary of GFH capital, will be the 100% shareholders. Eurofin capital Limited, a private investment firm based in London, acted as financial advisor to Leeds United Football club in relation to the transaction.
The deal sees GFH Capital Limited, which has financially supported the club since entering into an exclusivity period, injecting further funds into the club for working capital and to support Neil Warnock's intentions to strengthen the team.
GFH Capital executives, Hisham Alrayes, David Haigh and Salem Patel will now join the Board of Leeds United during a short transitional period whilst the Board and leadership of the club is further strengthened. Ken Bates will remain as Chairman until the end of the season after which point a new GFH Capital-led Chairman will take over the position.
Hisham Alrayes, Managing Director of GFH Capital said: "We are delighted to be able to announce the signing of this historic deal with one of the best supported football clubs in England. We would like to thank Ken Bates for his substantial contributions to the club as Chairman. He has decades of experience in running football clubs and we will work with him to ensure a smooth transition in ownership in the interests of the club's immediate and longer term future." LM
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Japan Bank for International Cooperation (JBIC)
Leeds United Football Club
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