1. No category

Cat Mining Finance
Structured Finance
Caterpillar
Wherever there’s Mining, We’re there
Caterpillar
Group Overview
Caterpillar is the leading manufacturer of construction and mining equipment, diesel and natural gas engines,
industrial gas turbines and diesel-electric locomotives
Mining Companies
Cat Global Mining
• 8.9 $B sales
• Worldwide leader
Cat Dealers
• 188 dealers
• 180 countries covered
• Junior & Major
Equipment
Caterpillar Inc.
• 55.2 $b sales
• 118,500 employees
• Open Pit, Underground
• All Commodities
Debt Financing
Cat Financial
• 35 $B assets
• S&P A, Moody’s A2
• Global Coverage
Financing through Mining Lifecycle
Different products for different stages in the mining cycle
Exploration
Co.
MINING
LIFE
FINANCING
NEEDS
Single Asset
Co.
Local / Regional
Multi Asset Co.
International
Multi Asset Co.
Junior
Miners
Major
Miners
• Project
Finance
with changing
recourse pre- &
post-completion
• Equipment
Finance
Structured Finance
• Corporate
• Structured
Finance
Facilities
with hybrid project
and corporate
aspects
Major Accounts
Cat Mining Finance
CMF Structured Finance
Financing solutions
Features
Project
Finance
Requirements
• Funding in project term loan • Bankable feasibility study
• Facility
10-100 $m
• Funding can be > Cat
equipment value
• Cat equipment
• Term
2-7 years
• Stakeholder strength
• Payment
Quarterly / semi-annually
• Pricing
Market rates
• Facility
10-100 $m
• Term
3-5 years
• Payment
Monthly / quarterly
• Pricing
Market rates
• Cat equipment tie
• Facility
10-100 $m
• Offtaker strength
• Term
2-5 years
• Proven performance
• Payment
Monthly / quarterly
• Pricing
Market rates
• Greenfield / brownfield
projects considered
• Full loan / lease
Equipment
Loan / Lease
• Loan / lease up to 80% of
Cat equipment value
• Min 10 $m of Cat
equipment
• Stakeholder strength
• Min. Loan-to-Value ratio
Pre-Export
Finance
Parameters
• Funding in ring-fenced
term loan
• Funding can be > Cat
equipment value
CMF Structured Finance
Success factors
Global coverage
and financing
expertise
Dedicated and
experienced mining
team
Proven track record
for greenfield
project financing
Strong
balance
sheet and
credit rating
CMF
Structured
Finance
Financing
beyond Cat
equipment
value
Aligned interest
with mining
companies
Long-term player /
mining is not an
opportunistic
segment
Catalyst and
not competitor
to other
financial
institutions
Cat Mining Finance (CMF)
Credentials
GABON
USD 60,000,000
Equipment Financing
ZAMBIA
USD 100,000,000
Equipment Financing
SIERRA LEONE
USD 45,000,000
Equipment Financing
Aurora
GUYANA
USD 185,000,000
Project Financing
Haile
US
USD 200,000,000
Project Financing
Renard
CANADA
USD 72,000,000
Equipment Financing
Closed
Sole Arranger
2014
Closed
Sole Arranger
2014
Closed
Sole Arranger
2014
Closed
Lead Arranger
2014
Mandated
Lead Arranger
2014
Closed
Sole Arranger
2014
Roy Hill
AUSTRALIA
USD 7,200,000,000
Project Financing
Western Bushveld JV
SOUTH AFRICA
USD 195,000,000
Project Financing
Otjikoto
NAMIBIA
USD 41,000,000
Equipment Financing
MATSA
SPAIN
USD 150,000,000
Project Financing
Zangezour
ARMENIA
USD 150,000,000
Pre-Export Facility
Hemerdon
UK
GBP 75,000,000
Project Financing
Closed
Lead Arranger
2014
Mandate closed
Lead Arranger
2014
Closed
Sole Arranger
2013
Closed
Participant
2013
Closed
Lead Arranger
2013
Closed
Lead Arranger
2013
TANZANIA
USD 50,000,000
Equipment Financing
BUCIM / SASA
MACEDONIA
USD 130,500,000
Pre-Export Financing
MOZAMBIQUE
USD 50,000,000
Equipment Financing
Kwale
KENYA
USD 150,000,000
Project Financing
Detour Lake
CANADA
USD 150,000,000
Equipment Financing
Malartic
CANADA
USD 83,000,000
Equipment Financing
Closed
Sole Arranger
2012
Closed
Lead Arranger
2012
Closed
Sole Arranger
2012
Closed
Lead Arranger
2011
Closed
Sole Arranger
2011
Closed
Sole Arranger
2011
0
CMF Structured Finance
Case studies: EAME - Middle East & Africa
•
•
•
•
•
•
•
Project / Sponsor
Country
Commodity
Facility
Caterpillar share
Caterpillar equipment
Deal storyline
Base Resources
Kenya
Mineral Sands
Project finance, 150 $m
20%, i.e. 30 $m
13 $m
Lead Arranger together with 2 other banks in
the commercial tranche, arranging and
underwriting the six-year project loan to fund the
development of the open pit mineral sands
mine including the purchase of the mine fleet
from Unatrac
•
•
•
•
•
•
•
Project / Sponsor
Country
Commodity
Facility
Caterpillar share
Caterpillar equipment
Deal storyline
Otjikoto/ B2Gold Corp.
Namibia
Gold
Equipment finance, 42 $m
100%, i.e. 42 $m
54 $m
Sole arranger of a 5 year equipment loan in
support of purchase of CAT equipment
from Barloworld. The equipment will be used for
mining at the greenfield open-pit Otjikoto mine
CMF Structured Finance
Case studies: EAME - Europe, Russia & CIS
•
•
•
•
•
•
•
Project / Sponsor
Country
Commodity
Facility
Caterpillar share
Caterpillar equipment
Deal storyline
Hemerdon / Wolf Minerals
UK
Tungsten-tin Project
Project finance, 75 £m
33.34%, i.e. 25 £m
20 £m
Lead Arranger together with 2 other banks,
arranging and underwriting the six-year project
loan to fund the development of the open pit
tungsten-tin mine. CAT Financial was acting as
documentation agent and the deal was awarded
by Euromoney publication to be European
Mining Deal of the Year 2013
•
•
•
•
•
•
•
Project / Sponsor
Country
Commodity
Facility
Caterpillar share
Caterpillar equipment
Deal storyline
MATSA / Iberian Minerals
Spain
Copper
Project Finance, 150 $m
13%, i.e. 20 $m
20 $m
Financier of the mining complex expansion with
BNP Paribas, SocGen and Natixis. CAT
Financial was part of the 2008 original financing
CMF Structured Finance
Case studies: Asia Pacific
•
•
•
•
•
•
•
Project / Sponsor
Country
Commodity
Facility
Caterpillar share
Caterpillar equipment
Deal storyline
Phu Thai Leasing
Vietnam
Coal
Equipment Finance, 20 $m
100%, i.e. 20 $m
22 $m
Sole arranger of a 5 year structured lease for one of
the major Government owned coal mines.
•
•
•
•
•
•
•
Project
Sponsor
Country
Commodity
Facility
Caterpillar equipment
Deal storyline
Roy Hill
Hancock, POSCO, Marubeni, China Steel
Australia
Iron Ore
Project Finance, 7.2 $b
400 $m
Lead arranger in 10-year project finance syndication
of 19 banks and export credit agencies used to
develop the Roy Hill project.
CMF Structured Finance
Offices
EAME
Zürich
Americas
Nashville, Denver
Dan Cox (Global MD)
[email protected]
+41 43 222 6142
Chris Patterson
[email protected]
+1 615 341 8623
Oana Leb
[email protected]
+41 43 222 6144
Brad Atkinson
[email protected]
+1 303 336 3613
Charles Geffroy
[email protected]
+41 43 222 6149
Ritzon Fernandez
[email protected]
+1 615 341 8092
James Clark
[email protected]
+41 43 222 6153
Asia Pacific
Melbourne
Leslie Silverstone
[email protected]
+61 3 9953 9919
Melanie Wood
[email protected]
+61 3 9953 9183
(Team coverage according to Project location)
CMF Structured Finance
Team (1/3)
Global
Dan Cox
Managing Director, Caterpillar Mining Finance / Structured Finance
[email protected], +41 43 222 6142
After holding several positions with Caterpillar in the US, Dan moved to Singapore in 1994 to establish Caterpillar Financial's cross border lending
activities in Asia. This activity has led to the establishment of domestic Cat Financial offices throughout Southeast Asia. In 2005, Dan became the
Corporate Risk Manager which provided him oversight to various functions including Credit, Portfolio Management and Pricing. In 2011 Dan assumed
his current position as the Managing Director of Caterpillar Financial S.A.R.L.
EAME, Russia & CIS
Oana Leb
Executive Director, Caterpillar Mining Finance / Structured Finance EAME
[email protected], +41 43 222 6144
Oana has over 15 years of experience in trade and commodity financing and capital markets transactions. Prior to joining Caterpillar Mining Finance,
Oana worked for Vimetco Group, an industrial aluminium group, with major aluminium smelting and processing facilities in the People Republic of
China and Romania, and a bauxite mining operation in Sierra Leone, as Vice-President Corporate Finance. Prior to that, she worked as a corporate
credit analyst with Romanian Commercial Bank (Erste Bank).
Charles Geffroy
Director, Caterpillar Mining Finance / Structured Finance EAME
[email protected], +41 43 222 6149
Charles has 8 years of experience in corporate financing, including 4 years in M&A with Alstom Power and 4 years as project finance transactor within
BNP Paribas Project Finance and Caterpillar Mining Finance. Charles holds a Master’s in Finance from ESCP Business School and a Master’s in
Management from City University / Cass Business School.
James Clark
Associate Director, Caterpillar Mining Finance / Structured Finance EAME
[email protected], +41 43 226 6153
James has 8 years experience in the mining and commodities markets including 3 years with Glencore Xstrata and 5 years with CRU Strategies.
James holds a Bachelor’s in Geology from Imperial College London (Royal School of Mines).
CMF Structured Finance
Team (2/3)
Americas
Chris Patterson
Executive Director, Caterpillar Mining Finance / Structured Finance Americas
[email protected], +1 615 341 8623
Chris joined Caterpillar in 2005 and has served in capacity roles as both Global Sales Manager and as the Global Operations & Credit Manager for
Capital Markets & Syndication department. Prior to joining Caterpillar, Chris held management roles in credit, operations and sales for Volvo
Commercial Finance, including Risk & Syndication Manager leading large ticket workouts and establishing their US syndication business. Chris
also worked at JP Morgan in the credit underwriting and loan workout departments and as a corporate lawyer in private practice. He is a graduate
of Wittenberg University with bachelors degrees in Political Science and Business Administration, and of the University of Akron School of Law with
his Juris Doctorate.
Brad Atkinson
Director, Caterpillar Mining Finance / Structured Finance Americas
[email protected], +1 303 336 3613
Prior to joining Caterpillar Mining Finance in April of 2014, Brad gained 15 years of experience working in the mining industry. Recently, Brad held
positions with Newmont Mining Corporation as Internal Corporate Consulting Geologist and Maptek as Senior Technical Specialist. Brad has an
extensive global background in resource development and evaluation relating to mining projects and resource characterization. Brad’s degrees
include an Executive Master of Business Administration from the University of Denver, a Master of Science and a Bachelor of Science in
Geosciences from Virginia Polytechnic Institute and State University.
Ritzon Fernandez
Associate Director, Caterpillar Mining Finance / Structured Finance Americas
[email protected], +1 615 341 8092
Ritzon has 5 years of experience within various groups in Caterpillar Financial, including prior experience in Caterpillar Mining Finance developing
the group strategy, industry & commodity research, and project management. In his prior roles in the Global Capital Markets group, he coordinated
legal, tax, and accounting issues for international syndications & export credit agency transactions, and also managed the portfolio of project and
corporate finance facilities with Caterpillar Financial participation. Ritzon holds a bachelor’s degree in International Business & Finance from the
University of Georgia.
CMF Structured Finance
Team (3/3)
Asia Pacific
Leslie Silverstone
Executive Director, Caterpillar Mining Finance / Structured Finance Asia Pacific
[email protected], +61 3 9953 9919
Leslie has over 20 years experience in financing mining, infrastructure and power projects, primarily with Rand Merchant Bank (RMB) in South Africa.
During his time at RMB, Leslie was responsible for project finance activities and also for the investment banking activities into Africa. Prior to joining
RMB, Leslie was a project engineer in the logistics industry. Leslie has a Bachelor of Science in Mechanical (Industrial) Engineering, Masters of Science
in Industrial Engineering and Masters in Business Administration from the University of the Witwatersrand.
Melanie Wood
Director, Caterpillar Mining Finance / Structured Finance Asia Pacific
[email protected], +61 3 9953 9183
Melanie has 17 years of experience in the mining industry and has recently held positions with AMC Consultants as a mining consultant and PCF
Capital in a corporate finance advisory role for the resource sector. Melanie has a geological background and has previously worked in gold and base
metal mines in Australia and West Africa. Melanie has a Masters of Commerce in Accounting and Finance from Deakin University and a Bachelor of
Science with Honours in Geology from Melbourne University.
Contact us
EAME, Russia & CIS
Americas
Asia Pacific
43 Mühlebachstrasse
Zürich (CH), 8008
Switzerland
+41 (43) 222-6141
2120 West End Avenue
Nashville (TN), 37203
United States
+1 (615) 341-8051
1 Caterpillar Drive
Tullamarine (Victoria), 3043
Australia
+61 (3) 9953-9333