Bahrain-based Gulf International Bank (GIB)has been awarded a sole mandate to lead arrange the imminent refinancing of the liquefied natural gas (LNG) tanker, Lakshmi, owned by Greenfield Shipping.
The Lakshmi was originally owned by a joint venture between Japan's Mitsui OSK, Enron Corporation and Shipping Corporation of India (SCI). It was chartered by Dabhol Power Company (DPC)for the delivery of Omani LNG to the power plant. However, with the suspension of the Dabhol project and Enron exiting from the region, the government of Oman acquired Enron's 40 per cent stake in Greenfield, the holding company for the Lakshmi. Mitsui holds 40 per cent and SCI the remaining 20 per cent of Greenfield.
The Lakshmi is currently being used for the spot delivery of Omani LNG and, as a result, the financing package originally put in place against the Dahbol offtake agreement is to be refinanced.
It is understood that the full $165 million package put in place by what is now ANZ Investment Bankin 1999 will be refinanced (MEED 19:3:99). The original 10-year facility was priced at 325 basis points over Libor until the 10th year at which point a $135 million balloon payment was scheduled. Bankers say the refinancing is likely to see the terms of the facility considerably improved.
GIB is understood to have won the refinancing mandate in the face of competition from a consortium built around ANZ and Bahrain-based Arab Banking Corporation.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.