The sponsors are looking for just over $1,500 million in conventional finance and a $500 million Islamic tranche, both with a tenor of 15 years. Banks are being asked for underwriting commitments of $150 million and take-and-hold positions of $100 million. The documents are understood to have been sent to a wide range of banks derived from a market-sounding exercise conducted in June.
Under the proposed debt package, Japan Bank for International Co-operation (JBIC) is expected to provide a $2,500 million, 16-year loan – its biggest ever project loan to the region – while the Public Investment Fund is extending a further $1,000 million, giving an overall debt package of $5,500 million. The remaining $3,000 million will be provided through share capital, subordinated shareholder loans and pre-completion net revenues.
The debt package will also cover the captive independent water, steam and power project (IWSPP) to serve the complex.
Sumitomo-Mitsui Banking Corporation
is acting as PetroRabigh’s financial adviser, Clifford Chance
is providing legal counsel, Stone & Webster
, part of the US’ Shaw Group
, is technical consultant and the UK’s Nexant
is market consultant (MEED 10:6:05).