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December 2006
DWRW Energy and El Paso have gained environmental approvals for their Sonora LNG receiving terminal. Mexico's Ministry of the Environmental and Natural Resources (SEMARNAT) granted environmental permits to the terminal and its associated pipeline, and a land-use permit to the terminal. The project, ...
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OPTI Canada closed a $1.43 million refinancing of its Long Lake oil sands project on 15 December. RBC Capital Markets, Credit Suisse, and TD Securities led a $1 billion issue of senior secured notes with a maturity of 2014 and a coupon of 8.25%, and a C$500 million revolving credit facility. Royal B...
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HSBC has beaten off competition from Citigroup and SG to win the financial advisory mandate for the merger of the Oman Refinery Company (ORC) and Sohar Refinery Company (SRC).
The combined $1.4 billion of outstanding debt will be refinanced along corporate lines. The merger and refinancing s...
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The bond financing for QGTC's new LNG carrier fleet has closed. The 144a bond, managed by CSFB and Lehman Brothers, brought in $1.15 billion for notes maturing in 2033. The issue comprises an $850 million Aaa3-Moody's rated senior bond and a $300 million A1-rated junior bond.
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Barclays Capital and WestLB have been appointed joint bookrunners and underwriters on a $335 million construction facility for Falcon Gas Storage subsidiary NorTex Gas Storage. The debt financing comprises a $280 million term loan maturing in 2013 and a $55 million working capital facility. Financia...
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Arab Banking Corporation has been appointed financial adviser to Libyan state incumbent National Oil Corporation.
A memorandum of understanding has been signed in which ABC has agreed to provide "assistance and advisory services in relation to certain projects undertaken by NOC". This is likely to...
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The $1 billion refinancing for Spanish Egyptian Gas Company's (SEGAS) Damietta LNG train is expected to close mid-January.
The train has been operational for a year. SEGAS is aiming to convert its original five-year $600 million corporate borrowing, closed in 2004, into long term project debt back...
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The IFC's credit committee has approved a $120 million package to back BPZ Energy's integrated gas-to-power project in Peru. The project involves the recompletion of existing shut-in gas wells in the Corvina gas field, located in Block Z-1, offshore northwest Peru, and the subsequent construction of...
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Canaport LNG closed the $756 million debt facility for a New Brunswick regasification terminal on 20 November. The project is notable as Irving Oil's first project financing and first LNG project, and Repsol's first LNG project in North America. Moreover, the bank facility achieved the longest tenor...
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Falcon mandates on NorTex
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November 2006
Challenger Financial Services has sold a 16.3% stake in the Challenger Infrastructure Fund to Consensus Business Group. The 39.3 million Class A securities brought in proceeds of A$138 million at a price of A$3.50 each. The sale reduces Challenger's holding in the fund to a level at which it does no...
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Golar LNG has acquired a 20% stake in OLT Offshore LNG Toscana SpA (OLT-O) - developer of the Livorno regas project in Italy.
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The 6.5 year £290 million senior debt on the £300 million borrowing base facility for oil and gas independent Melrose Resources – is out to the syndication market. The deal was underwritten and arranged by Bank of Scotland in June and responses are due on 11 December with financial close before year...
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Trident Resources has closed a US $270 million term loan for its Trident Exploration subsidiary. The lead arranger of the facility was Credit Suisse, which was sole bookrunner. Trident is using the loan to refinance principal and accrued interest on an earlier $125 million term loan, and for develo...
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Syndication of Hin Leong Trading's 10-year S$539 million ($339 million) project loan for the S$770 million Universal Terminal project in Singapore signed on 16 November.
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Rosneft and BP have signed shareholder and operating agreements for joint activity on the East-Schmidt (Sakhalin-5) and the West-Schmidt (Sakhalin-4) license blocks. The two companies plan to invest $700 million in the projects.
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EGL has announced plans for the construction of a natural gas pipeline from Thessaloniki to Italy's port of Printezi through Albania. The Eu650 million project will be funded on a hybrid corporate/project debt basis with TEN-E backing from the EU.
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Bank of Scotland and BNP Paribas have closed a five-year two-tranche $225 million reserves based loan for US oil and gas independent Endeavour International. The deal signed in early November.
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Financing signed on Monday 20 November for the Canaport LNG project. The lead arrangers of the C$760 million financing are Banco Santander, BBVA, Royal Bank of Scotland, La Caixa and BMO. They will probably launch the deal into syndication in 2007.
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Canadian oil sand producers OPTI Canada and MEG Energy both face pressure on their ratings in the face of aggressive expansion plans and the overheating construction market in Alberta. OPTI's corporate rating has been downgraded to Ba3 from Ba2 by Moody's, which cited high debt and leverage levels a...
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Korea Line has launched a $166.6 million 10 year put financing for three ships - two oil tankers and a carrier. BNP Paribas, Citigroup, ING and Shinhan Bank are the mandated lead arrangers.
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Roadshows for the 25-year $1.2 billion Qatar Gas Transportation Company (QGTC) 144a bond are due to launch on 23 November.
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A refinancing for Spanish Egyptian Gas Company's (SEGAS) Damietta LNG train is expected to be in the bank market before year-end. The sponsor is aiming to convert its original five-year $600 million corporate borrowing, closed in 2004, into 15-16 year project debt backed by revenues from the plant. ...
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Citigroup, HSBC and SG have been shortlisted for the financial advisory mandate on the merger of Oman Refinery Company (ORC) with Sohar Refinery Company (SRC). The winning bidder will also advise on the refinancing of up to $1.4 billion of outstanding debt.
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TD Securities and Scotia Capital have launched the financing for BA Energy's Heartland bitumen upgrader project. The facility consists of a $450 million term loan B maturing in 2013, and a C$60 million ($52 million) revolving credit facility maturing in 2010. The two leads expect to close the financ...
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Syndication closed on 15 November for the Genesis Energy borrowing base loan. Fortis (admin agent) and Deutsche (syndication agent) were the joint lead arrangers and bookrunners for the $500 million loan, for which the borrower was Genesis subsidiary Genesis Crude Oil. The senior secured revolving c...
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OPTI Canada plans a $1.6 billion refinancing of its Long Lake oil sands project. It will issue $1 billion of high yield senior secured notes, raise of a C$500 million ($437 million) revolving credit facility and raise a C$200 million bridge credit facility. OPTI is in talks with banks, and will sele...
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Canadian oil sands developer BA Energy plans to launch a $450 million B loan for its Heartland Upgrader project in Alberta. Heartland is a standalone bitumen upgrader project with a first-phase capacity of 77,500 barrels per day. BA's owner is Value Creation, which owns several oil sands leases near...
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Mandated lead arrangers ABN Amro, Citigroup, HSBC, ING and JP Morgan will sign banks into the Eu1.25 billion five year syndicated loan for Sabic Europe this week. The facility will refinance Sabic's 2002 loan for its acquisition of DSM Petrochemicals.
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Falcon Gas Storage is preparing a debt financing for two of its operating projects in Texas. Falcon and its financial adviser, WestLB, have asked lenders to bid for the mandate to arrange the financing. Two banks will probably be selected in the week starting 13 November to lead the deal.
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Cheniere Energy has closed a $2 billion refinancing of the Sabine Pass LNG receiving terminal. The issue consisted of $550 million of 7.25% senior secured notes due 2013 and $1,482 million of 7.50% senior secured notes due 2016. The deal refinances a restated bank financing, led by SG and HSBC, whic...
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The project boom in the Middle East looks set to continue.
But structural innovation and more funding diversification
is a must if the needs of the market are to be met.
By Darren Davis, HSBC, Dubai, and Jonathan Robinson, HSBC, Riyadh
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With the boom in GCC projects prompting traditional lenders to re-evaluate regional exposure levels, and growing petrodollar affluence, GCC-based infrastructure funds looks set to become a growing financial force in both the domestic and international project markets. By Michael Marray.
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Islamic finance has entered the mainstream project market.
But as Islamic products become more sophisticated clear documentation is a must. By Harnek Shoker, of counsel, Freshfields Bruckhaus Deringer, Dubai.
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Connacher Finance Corporation (CFC) closed a $195 million debt package with BNP Paribas on 20 October. The financing for an Alberta oil sands project features a unique use of physical hedges to compensate for the sector's exposure to commodity risk. The strategy has enabled the developer to stay ind...
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Cheniere bond refinancing closes