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Jurong Aromatics: Targeted template
06 May 2011
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[Jurong]
[Aromatics]
A ten-strong group of commercial lenders led by ING Bank and Royal Bank of Scotland signed the $1.557 billion debt financing for the Jurong Aromatics project on 13 April. The financing is notable for eschewing sponsor support during construction and for repayment and reserve structures that increase lender comfort in a project operating in a notoriously cyclical market. The deal is a restructured version of a financing that was initially launched to market in the depths of the financial crisis.
The Jurong Aromatics project involves the construction of a condensate splitter and aromatics manufacturing facility with an annual capacity of 2.5 million tonnes of transport fuels and 1.5 million tonnes of aromatics, particularly benzene and paraxylene, per year. It will be located on Jurong Island, located south-west of Singapore.
The two original developers of the plant were Shefford Investments, owned by the Sridjaja family, and Arovin, owned by Vijay Goradia,...
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