Responses are due by the end of May from potential participants in the financing package for the proposed independent power project (IPP) for Saudi Petrochemical Company (Sadaf). Five local and regional banks were invited to join the two mandated lead arrangers, Credit Agricole Indosuezand its local affiliate Banque Saudi Fransi. The banks are Arab National Bank, Riyad Bank, Saudi American Bank, Gulf International Bankand Arab Petroleum Investments Corporation (Apicorp).
A mid-May bank meeting confirmed some revisions to the financing package. The term loan will be for $150 million and there will be a $10 million bonding facility and a $7.5 million overrun tranche. The term loan will have a tenor of about 15 years. Significantly, the original equity bridge facility, which was advertised at about $60 million, is now surplus to requirements.
The companies in the developer consortium are the local National Power Company (NPC), with 75 per cent, and the US' CMS Energy Corporation, with 25 per cent. NPC is a 50:50 joint venture between the local AH Al-Zamil Group and El-Seif Group (MEED 25:4:03).
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