Citigroup, the financial adviser on the project, has closed the deal slightly ahead of schedule. Syndication was originally expected to close at the end of June.
Financing for the project includes a $120m loan from the Japan Bank for International Cooperation, a $160m loan from the Export Import Bank of South Korea (Kexim) which is guaranteed for 16 years, and a further $240m direct loan from Kexim.
An additional $650m bank loan, and $450m loan from French export credit agency Coface make up the rest of the syndicated bank funding. The seven mandated lead arrangers (MLAs) also provided a $1.1bn loan facility.
Seven banks acted as MLAs on the deal: Bank of Tokyo-Mitsubishi, BNP Paribas, Citigroup, ING Bank, Royal Bank of Scotland, Societe Generale and Sumitomo Mitsui Banking Corporation (MEED 2:4:08).
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