The syndication was launched at a late-July roadshow in London. 'The regional banks have been following the deal and they told us there was no need for a regional roadshow,' says one of the lead arrangers. 'We did get a surprisingly enthusiastic response from the European banks. We will have the whole process wrapped up by the end of August, I expect.'

Three main tickets are being offered. The first, of $30 million, will pay fees of 100 basis points (bp). The second, of $20 million, has fees at 85 bp and the third, for $10 million, will pay 70 bp.

Bank of Tokyo-Mitsubishiand HSBC are the international bookrunners for the syndication and Gulf International Bankis acting as the regional bookrunner (MEED 11:7:03).

The facility has been underwritten by 13 lead arrangers and, as a result of this large group, the sell-down target in syndication is not likely to be high.

The 20-year commercial loan has a step-up pricing structure set at 100 bp over Libor from signing until project completion date, 100 bp from project completion to year 7, 115 bp for years 8-10, 130 bp for years 11-13, 155 bp for years 14-16 and 165 bp for years 17-20.