‘Things are moving along quite quickly,’ said one of the bidders speaking on the sidelines of MEED’s Project Finance conference in Bahrain on 7-8 October. ‘It looks like we are going to see a large quasi-club deal with pricing probably ending up in the 125-135-bp [basis point] range.’ It is expected that the deal will have a tenor of about 12 years (MEED 26:9:03).
SCPC will use the funds for a combination of refinancing and fresh borrowing. About $225 million will be used to replace a $305 million facility signed in 2001, which was itself a refinancing of an original facility signed in 1997, for the part-financing of a petrochemicals facility in Jubail (MEED 11:5:01; 14:3:97). The remaining $245 million will be fresh finance (MEED 25:7:03).