Five other banks signed commitment letters in mid-May to participate in the syndication. They were ANZ Investment Bankfor $30 million, Doha Bankand Commercial Bank of Qatar, with $20 million each, and First Gulf Bankand Ahli United Bank, with $10 million each.
As a result of the successful syndication, the final hold position for the 15 lead arrangers, appointed last autumn, has been brought down to $38.7 million from the initial $46.7 million.
The three bookrunners for the 14-year debt facility were Arab Petroleum Investment Corporation (Apicorp), Gulf International Bankand Credit Agricole Indosuez.
Oryx GTL is building the Gulf's first gas-to-liquids (GTL) plant at Ras Laffan. Due to be completed in late 2005, it will have a capacity of 34,000 barrels a day. Royal Bank of Scotlandhas acted as financial adviser to Oryx GTL.
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