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Barzan Gas: Liquidity in an illiquid market

13 December 2011

Despite perceived illiquidity in the international bank market, Qatar Petroleum (QP) and ExxonMobil, along with financial advisor Royal Bank of Scotland, have reached financial close on the $10.3 billion Barzan gas project – Qatar’s biggest project financing to date.

The $7.25 billion debt facilities closed with a major oversubscription and a highly competitively priced mix of long term ECA and commercial bank debt: Margins range between 130bp over Libor and 200bp over the 16 year term.

The project is now fully funded on a 70/30 debt-to-equity ratio and plans for a complementary bond deal have been put on hold until the bond market becomes more competitive....

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