The banks, which took equal portions of the $175 million loan and of an $18 million revolving credit facility, are Arab Petroleum Investments Corporation (Apicorp), ANZ Investment Bank, Bank of Tokyo-Mitsubishi, Calyon, Gulf International Bank, HSBC, ING Bank, Standard Charteredand Sumitomo-Mitsui Banking Corporation. The margin on the eight-and-half-year loan has a step up structure, starting at 45 basis points (bp) for the first three years, rising to 50 bp in years four-six and going up to 55 bp in the final two and a half years.

The main shareholders in QLNG are the government and Oman LNG, with the offtakers – so far, Spain’s Union Fenosaand Osaka Gas, Itochu Corporationand Mitsubishi Corporation, all of Japan – likely to take small equity stakes. The QLNG debt package is expected to be a 15-year financing of $550 million-600 million. Citigroupis the financial adviser on both transactions (MEED 2:7:04).