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.
