Mandated arrangers BNP Paribas, Glencore, Natexis Banques Populaires and Societe Generale have launched general syndication of a $600 million pre-export facility for Angolan state-owned oil firm Sonangol, according to banking sources. In senior syndication, Citibank, Commerzbank, Credit Agricole Indosuez, Fortis Bank,
HypoVereinsbank and KBC Bank joined the deal. They were asked to underwrite $50 million or $30 million. The four-year amortising term loan is priced at 350 bps over LIBOR. The average life of the deal is two and a half years. In general, five levels of participation are on offer, with the top senior lead manager ticket paying a fee of 60 bps for a $25 million ticket. Proceeds of the loan will be used by Sonangol to fund an agreed supply of oil to trading house Glencore.
DW Angola
Development Workshop Angola