Mapna conversion finance signing due

07 November 2003
The loan agreement for the first tranche of a Eur 1,000 million ($1,148.8 million) financing package for Iran Power Plants Project Management Company (Mapna)is due to be signed by the end of November. BNP Paribasis acting as the sole lead arranger on the transaction (MEED 10:10:03).

The Eur 550 million ($631.8 million) first tranche has two components. The first is a seven-year, Eur 50 million ($57.4 million) commercial facility and the second is a 12-year, Eur 500 million ($574.4 million) export credits facility. The latter is split between Export-Import Bank of Korea (Kexim) and Germany's Hermes. Hermes is understood to be providing the major part of the cover.

Kexim and Hermes' involvement reflects the contracts won by Doosan Heavy Industries & Construction Companyand Siemensfor the supply and installation of 22 heat steam recovery generators and 22 gas turbines respectively (MEED 18:703; 11:7:03).

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