YanSab bank group formed

26 May 2006

A bank group is close to being formally mandated on the financing of the Yanbu National Petrochemical Company (YanSab) project. The deal is due to be signed during the first week of June. ABN Amro and Saudi Hollandi Bank (SHB) are the financial advisers (MEED 31:3:06).

The banks joining the deal are understood to include: ABN, Arab Bank, Arab Banking Corporation, Arab Petroleum Investments Corporation (Apicorp), Banque Saudi Fransi, BNP Paribas, Bank of Tokyo-Mitsubishi, Citigroup, Fortis Bank, Gulf International Bank, HSBC with SABB, ING Bank, Islamic Development Bank, Mizuho Financial Group, Samba Financial Group, SHB, Sumitomo-Mitsui Banking Corporation, The National Commercial Bank and Standard Chartered Bank.

The financing package consists of a $1,800 million commercial tranche, split between Islamic and conventional portions, a $500 million tranche covered by Italy's Sace and a $100 million tranche covered by the UK's Export Credit Guarantee Department (ECGD). The Public Investment Fund will also extend a $1,000 million loan. The tenor is 12 years.


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