central and eastern europe
aes maritza east 1
power / bulgaria
Project Finance Magazine's Deal of the Year 2005
Delphos International served as a financial advisor to the AES Corporation on this greenfield, lignite-fired project with installed capacity of 670 MW. Total project costs approximate Euro 1.1 billion, of which Euro 750 million was provided in the form of limited recourse senior debt with the remainder as sponsor equity. The project benefits from a 600 MW PPA with NEK, Bulgaria's state-owned transmission grid company but there is no sovereign guarantee in favor of the lenders. Rather, the Bulgarian government has only issued a comfort letter. The project is one of the largest foreign direct investments in Southeast Europe. The lenders/guarantors include the European Bank for Reconstruction and Development, the Multilateral Investment Guarantee Agency, COFACE, Hermes, Calyon, ING, and BNP Paribas.
rompetrol
oil & gas / romania
With assistance from Delphos International, Rompetrol, S.A., the largest private company in the oil and gas field in Romania, received a $330,000 grant from the United States Trade and Development Agency ("USTDA") to complete a feasibility study for the modernization of existing sulfur recovery and sour water stripping systems, as well as to build and operate an integrated system for the recovery of solid sulfur and production of sulfuric acid at the Petromidia Refinery. Petromidia is Romania's largest and most modern refinery. Kellogg, Brown and Root International, Inc., was awarded the contract to perform the feasibility study and hired Delphos International as a subcontractor to perform the economic and financial analysis portions of the study.
euro tel bratislava
telecommunications / slovakia
One of the First IFC Euro-Denominated Financings
As financial advisor to Euro Tel Bratislava, a joint venture between the MediaOne Group, Bell Atlantic, and Slovak Telecom, Delphos International arranged $10 million in non-recourse senior debt and $20 million in subordinated debt from the International Finance Corporation (IFC). Delphos International also arranged $17 million in political risk insurance coverage from MIGA. Agreements with IFC and MIGA were signed less than five months after the initial requests. The IFC loan was part of a $200 million financing package provided by a syndicate of banks. This transaction was 100% financed. Because of unanticipated competitive pressures, the loan facilities had to be replaced with flexible, high-yield debt. On behalf of the sponsors, Delphos International negotiated the early retirement of the IFC and MIGA facilities while minimizing prepayment penalties.
multinational strategies
mortgage finance feasibility study / bulgaria
Delphos International assisted its client MNS in obtaining funds from both USAID and USTDA to support feasibility work for the Mortgage Finance Vehicle. After playing an integral role in obtaining the funding, Delphos was responsible for a substanial portion of the Terms of Reference under both studies, which ultimately proved the viability of the business plan to establish a funding vehicle first in Bulgaria and then later in Romania and Croatia. The grants provided by USAID and USTDA totaled $500,000 and $424,000 (on a cost share basis), respectively.
soros south east europe fund
fund / south east europe
Delphos International assisted Soros Private Fund Management in the structuring of the Southeast Europe Equity Fund. This $150 million fund was created with a $100 million loan guarantee provided by the Overseas Private Investment Corporation (OPIC), and $50 million provided by an affiliate of Soros. The Fund made equity and equity-related investments in private companies operating in Southeast Europe including Albania, Bulgaria, Bosnia and Herzegovina, Crotaia, the former Yugoslav Republic of Macedonia, Romania, Slovenia, Montenegro and Turkey. Capital was provided for new business development, expansion, restructuring and privatization. Key investments included the first GSM network in Macedonia and other infrastructure projects.
telekom srbija
telecommunications / serbia & montenegro
Delphos International acted as a financial consultant on a $253,000 USTDA Feasibility Study for Telekom Srbija, the state-owned telecommunications operator in Serbia. During the course of the study, Delphos International assisted in developing and implementing appropriate business and market research tools and analyzed Telekom Srbija's borrowing capacity and creditworthiness.
agribusiness partners international
agribusiness fund
/ russia & newly independent states
To address the growing need for equity capital in the Former Soviet Union, Delphos International and America First Companies teamed to create a regional/vertical market equity fund targeted at the region's agribusiness industry. Delphos International obtained a $75 million OPIC guarantee to support the capitalization of the fund, Agribusiness Partners International Limited ("API"). Total capitalization of the fund was $100 million, including a $5 million investment from another government-backed equity fund, The US-Russia Investment Fund (TUSRIF). In addition to supporting the fund's initial formation and fundraising effort, Delphos International identified potential investment opportunities for the fund, served on the fund's investment committee, and helped raise follow-on debt capital for several of the fund's portfolio companies. The fund is now fully invested and has achieved strong returns for its investors to date.