Qatar Gas Transportation Company (Nakilat) has signed a $500 million loan with a group of 13 banks. The one-year funding will bridge the proceeds of the company's early-2005 initial public offering (IPO), when investors paid up to 50 per cent of the QR 10 ($2.74) share price (MEED 21:1:05).
The banks joining the deal were: Arab Banking Corporation, Bank of Bahrain & Kuwait, Bank of Tokyo-Mitsubishi-UFJ, BNP Paribas, Calyon, Citigroup, Commercialbank, DNB Nord, HSBC, Qatar National Bank, Societe Generale, Standard Chartered Bank and Sumitomo-Mitsui Banking Corporation (SMBC). The margin is 35 basis points (bp).The presence of so many international banking heavyweights is understood to have been partly driven by plans by Nakilat for a debt programme worth up to $8,000 million to fund liquefied natural gas (LNG) vessels for the Qatargas II and Qatargas 3 projects, and other future charters. The programme is expected to include export credit agency, bond and bank financing. SMBC is Nakilat's overarching financial adviser.www.meed.com/bankingfinance
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