The National Petroleum Corporation of Namibia (“NAMCOR”) imports the bulk of refined fuel products for Namibia. NAMCOR needed to finance the importation of fuel products and associated risk management services to be sought on behalf of NAMCOR from local and international banks on a revolving basis. NAMCOR needed to secure letters of credit facilities of up to US$90 million on every shipment and hedging for oil price movements and foreign currency rate volatilities.
Fieldstone Role
Fieldstone conducted a successful roadshow in South Africa, Europe and Asia to introduce NAMCOR to local and international banks. The roadshow was meant to investigate the international appetite and pricing for the financing of fuel imports as well as investigating the international views, and plans, for hedging/risk mitigation of the commodity and foreign exchange risk of the fuel imports. Fieldstone issued an RfP to 22 local and international banks soliciting bid proposals for the financing of fuel imports and risk mitigation. Fieldstone negotiated the pricing of loan advances and all the financing agreements; and managed to secure an uncommitted facility of up to a maximum aggregate amount of US$90m initially underwritten by BNP Paribas Bank and Fortis Bank.
