Each of the mandated lead arrangers will support the project with a significant take and hold commitment. A total debt facility of approximately $180 million is agreed.KfW IPEX-Bank and Societe Generale will act as joint mandated lead arrangers to arrange the debt facility for the Tugaske project.
Gensource, Societe Generale and KfW IPEX-Bank executed agreements which indicate: “We are pleased to have found with Societe Generale a partner bank that will take part in the ongoing work on this important and sustainable fertilizer mining project which will not only benefit the Canadian economy but also support our German suppliers, important clients of KfW IPEX-Bank, in these turbulent times.” Michael Nosbüsch, global head of metals and mining at KfW IPEX-Bank, said. “As a leading bank with a global footprint in the mining industry and a presence in Canada we are very pleased to have the opportunity to take a lead role in the financing of this innovative fertilizer mining project alongside KfW IPEX-Bank,” Lenaig Trenaux, regional head of metals and mining, Americas of Societe Generale, said. The addition of Societe Generale as joint lead arranger is another significant step towards completing the financing that will move Tugaske to construction this year.” If Aesop is correct when he said that ‘A man is known by the company he keeps,’ then Gensource is very proud to be in the company of two such strong and well-respected international financial institutions as KfW IPEX-Bank and Societe Generale. “These two lenders are major players in the greenfield project finance in mining and agriculture sectors and have demonstrated success in financing fertilizer projects all over the world. “We are extremely pleased that Societe Generale wanted to be part of the Tugaske opportunity and we are thrilled to add them as a joint mandated lead arranger with KfW IPEX-Bank,” Mike Ferguson, president and CEO of Gensource, said. The facility is for the Tugaske project finance package Societe Generale joined the bank consortium for Gensource Potash’s senior debt facility as joint mandated lead arranger alongside KfW IPEX-Bank, which is serving as mandated lead arranger and coordinating bank.
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