YanSab goes to market

29 July 2005
Banks have been invited by 30 July to submit expressions of interest in participating in the $3,500 million financing of the YanSab project being carried out by Saudi Basic Industries Corporation (Sabic). ABN Amroand Saudi Hollandi Bankare the financial advisers and bookrunners.

The draft financing schedule sees mandated lead arrangers (MLAs) appointed by the end of September and general syndication launched in mid-December. The facility will have a maximum tenor of 12 years and preference will be given to Islamically structured funding. Banks have been asked to indicate the level of underwriting and final hold they would consider, and pricing.

The project will be funded by $3,500 million of debt and $1,500 million of equity. Export credit agency funding is being considered. Front-end engineering and design (FEED) studies on the project are nearing completion and the selection of engineering, procurement and construction (EPC) contractors for the various units is under way, with Japan's Toyo Engineering Corporationrecently awarded the contract for the ethylene glycol (EG) unit (see Petrochemicals).

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