Syndication of the $2.6bn debt package for the Yemen liquified natural gas (LNG) project at Balhaf Port has begun, with seven mandated lead arranger banks.
The financing includes a $1.4bn project finance facility split between a $750m bank loan with a 12-year tenor, and three 16-year facilities guaranteed by export credit agencies Coface, Nexi and Kexim.
An additional $1.2bn loan has been provide by the seven mandated lead arranger and Calyon, with guarantees from Total.
Citigroup, financial adviser to the project, hopes to have completed the syndication process by the end of June 2008.
The mandated lead arrangers are Bank of Tokyo Mitsubishi, BNP Paribas, Citigroup, ING Bank, Royal Bank of Scotland, Societe Generale, Sumitomo Mitsui Banking Corporation.
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