Sixth bank joins Oryx GTL syndication

13 June 2003
Syndication of the $700 million debt facility for Oryx GTLhas closed after a sixth bank - Norddeutsche Landesbank- joined the transaction. The German institution has signed up for $29 million, bringing the total amount raised in syndication to $119 million, at the top end of the target range (MEED 23:5:03).

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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