Acting through the State Concern Turkmengas, the Government signed a USD 3 billion engineering, procurement and construction (EPC) contract on a turnkey basis with a consortium comprising Korean and Japanese corporates to develop and set up an ethane cracker and polyethylene and polypropylene plant near the Turkmenbashi area in Turkmenistan.
We acted as coordinating and structuring bank, book runner and mandated lead arranger. Despite the involvement of more than 20 cross regional banks, we successfully closed this largest debt financing in four months after the launch of general syndications, meeting a challenging timeline and demonstrating seamless execution.
This was a landmark transaction in the ECA market, presenting:
- one of the largest Korean and Japanese Export Credit Agency (ECA) financing transactions (excluding project finance) in 2014
- the first joint Korean and Japanese ECA financing in Turkmenistan
- the first Korean ECA transaction in Turkmenistan
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