ANZ Investment Bank is the consultation bank for a $165 million loan acquired by Greenfield Shipping, a joint venture between the US' Enron Corporation and the Hungarian state oil company MOL for the acquisition of a 135,000-cubic-metre liquefied natural gas (LNG) tanker.

It will transport LNG from the Middle East to the 2,450-MW Dabhol power plant being built in the Indian state of Maharashtra.

Lead arrangers include ABB Structured Finance (Zurich), Arab Banking Corporation, Bank of Nova Scotia (Singapore) and Societe Generale, while London-based Christiania Bank OG Kreditkasse is the senior arranger. ANZ is expected to start general syndication by the end of March.

Repayment of the 10-year loan will start after the three-year construction period in 2002. The loan carries interest of 325 basis points over Libor until the 10th year when the borrower will be required to make a lump sum payment of $135 million.

During the 10-year period, the principal will be repaid in quarterly instalments.

The tanker, at present owned 75 per cent by MOL and 25 per cent by Enron, is to be built by Japan's Mitsubishi Heavy Industries and delivered in 2001. The Shipping Corporation of India (SCI) is expected to join the consortium shortly, after which it will be owned 60 per cent by MOL, 20 per cent by Enron and 20 per cent by SCI.