Deal of the MONTH What's NewS Issue 1 January 1996 This month's winner is a true exercise in partnership as the summary of players shows. 1 The deal: US Pickle Lease for almost USD 440 million. The dient: NV Energieproduktiebedrijf (energy production company) UNA. The players: Dick Vaarties and Marcel de Goeijen (project finance); Ben van Moerkerk and Mirelle Pennings (corporate banking); Jan van Besouw and Eduard Sartorius (legal and fiscal affairs); Jolanda Janse and Richard Polkerman (process management); Peter Visser (credit control); Pauline van Leeuwen and Elisabeth Noot (international); and the local member banks of Amsterdam, Apeldoorn, The Hague, Eindhoven, Rotterdam and Utrecht. Wouter Kolff provided the executive support. This is a unique deal in anyone's book. Not only did numerous departments work closely together on it, but six member banks were also involved in the finance and defeasance for UNA's 680 mw coal-fuelled Hemweg 8 electricity plant which generates power for the provinces of Utrecht and North Holland and the city of Amsterdam. 'Cross-border leasing is not yet as usual in Utilities as it is in, for example, transportation equipment,' says Marcel de Goeijen (photo) of project finance. 'And this one is even more unusual as it works on a tax-driven sale/lease-back structure. US Former operations divisional chief Hans van der Velde has taken to his new position as president of Visa Europe like a proverbial duck to water. But he's managing to keep his feet dry with our leaving gift to him. He sends his special thanks to all CBSers for the skiff he has named the 'Raboat'. investors put around USD 128 million of equity into the investment vehicle, a US Grantor Trust. The bank lent the trust USD 438 million and change. UNA then lent the trust a further USD 419 million and the trust used these monies to prepay the initial lease of the plant which is then leased back to UNA. The energy provider set up a foundation which pays the lease rentals under the lease back, thus taking it off balance. A "fee" of USD 440 million is paid to the foundation for this service. The foundation then placed these funds on deposit with six of our member banks, who of course don't need dollars. So they put it on deposit with Rabobank Nederland. What we're talking about here is a deal with no real funding requirement because the USD looking ahead J- 440 has actually come full circle.' The member bank participation was essential because there could be no parent/subsidiary relationship in this aggressive fiscal structure. 'Member banks are independent entities, so they were a vital element in the deal,' says De Goeijen. 'It was also great to work with them and they have really been very cooperative.' Om ENERGIEK PARTNERSHIP Voor het energieproduktie bedrijf UNA is een unieke cross border lease opgezet voor de financiering van de 680 Mw kolengestookte Hemweg 8 elektriciteitscentrale. Dit was alleen mogelijk door goede samenwerking van Rabobank Nederland en zes plaatselijke banken. January 6-14 Myanmar (formerly Burma)Trade Fair. Jan Remie of international trade finance represents the bank as part of a strong Dutch delegation. January 12-28 The bank's Board of Directors on tour through Latin America. January 24 Client panel convenes once again, this time the subject is research. February The food and agri-research team publishes a study on The Wine Market. February 28 Top corporate management invited for special preview of the Vermeer retrospective at the Mauritshuis in The Hague. March The agri-research team publishes their study of food and agribusiness in Poland.

Rabobank Bronnenarchief

blad 'What's news' (EN) | 1996 | | pagina 23