Banks have been given until 12 September to respond to the preliminary information memorandum (PIM) on the $650 million financing package for Bahrain Petroleum Company (Bapco). The PIM lays out three tranches but proposals are only being invited for the commercial and Islamic tranches (MEED 30:7:04).
Bapco is looking for a $150 million, 12-year conventional loan to refinance a bridge loan of similar size from BNP Paribasand HSBC, which are acting as structuring agents on the new facility. A $200 million Islamicly structured loan is also being offered. Kuwait Finance Houseis likely to provide $100 million while the remainder is expected to come from a consortium comprising Abu Dhabi Islamic Bank, BNP Paribas, HSBC and the Islamic Development Bank. The third tranche will be split between a $150 million loan from Japan Bank for International Co-operation and a $150 million component covered by Nippon Export & Investment (NEXI). Banks will not be invited to bid until negotiations are completed with the agencies (MEED 2:1:04).
You might also like...
Abu Dhabi makes major construction investments
25 April 2024
Saudi Arabia seeks K9 PPP project interest
25 April 2024
Kuwait reviews 1.1GW solar prequalifications
25 April 2024
LIVE WEBINAR: Abu Dhabi Oil & Gas 2024
25 April 2024
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.