Finnvera covering a local currency-denominated export credit financing for South African Transnet Ltd.

Finnvera has signed on 5th May 2009 with Barclays Bank plc a buyer credit guarantee agreement covering a South African rand-denominated (ZAR) export credit facility totalling 915 million (approximately EUR 80 million). This is the first local currency guarantee commitment for Finnvera and the first ECA funding for Transnet.

The export credit guaranteed by Finnvera will be used to finance part of Transnet’s five-year ZAR 80 billion capital expenditure programme. The proceeds of the export credit funding will be used for the purchase of straddle carriers and rubber tyred gantries supplied by Kalmar Industries Oy Ab. Kalmar delivers straddle carries and gantries for Transnet’s container terminals in Durban, Ngqura and Cape Town. Transnet Ltd. is an integrated freight logistics group in charge of South Africa’s port-, railway-, oil- and gas pipe-infrastructure.

Barclays Capital is the mandated structurer and arranger of the Umbrella ECA Financing Facility. Barclays Capital acted as the advisor to Transnet and, in conjunction with Absa Capital, acted as the sole mandated lead arranger and underwriter, for this multi-loan ECA facility. The ECA facility comprises four separate loans with repayment periods of up to ten years. Also portions of foreign content were financed and covered by Finnvera according to its policy of Finnish interest.

For further information:
Tuukka Andersén, Vice President, Head of Underwriting, tel. +358 20 460 7351
Jukka Liimatainen, Senior Adviser, tel. +358 20 460 7253 or +358 40 761 6976