Oryx GTL syndication ready for roadshows

25 February 2003
General syndication of the 14-year, $700 million debt facility for Oryx GTLwas launched on 18 February. Two main roadshows will be staged, the first in London on 25 February and the second in Dubai on 27 February (MEED 7:2:03).

'This is a fairly limited syndication as the lead arrangers are already below their hold targets,' says one of the lead arrangers. 'It is mainly about getting the market familiar with GTL [gas-to-liquid] deals.' The 15 mandated lead arrangers were asked to commit to $50 million positions, and are already down to $46.7 million. 'We are only aiming to sell about $75 million-125 million,' says another lead arranger.

Three tickets are being offered. At the arranger level, participants are being invited to take $30 million tickets for 75 basis points (bp) of fees. At the lead manager level they are being offered $15 million tickets paying 60 bp and, at the manager level, $10 million tickets paying 50 bp.

'We are expecting to get the commitments in place by mid-March and to have closed the syndication by the end of March, subject to political events in the Gulf,' says a banker involved in the deal.

The two regional bookrunners are Arab Petroleum Investments Corporation (Apicorp)and Gulf International Bank, and Credit Agricole Indosuezis acting as the international bookrunner. Royal Bank of Scotland is acting as financial adviser (MEED 7:2:03).

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