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Article: Australia : Margins set on loans for PNG gas project.
- Article from:
- TendersInfo
- Article date:
- October 31, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: babalu03
Margins have been set on commercial bank and export credit agency loans for a liquefied natural gas project led by ExxonMobil Corp in Papua New Guinea, according to term sheets. The two loans, amounting to at least $5.5 billion, are part of a package to fund the project that also includes a $3.5 billion loan from ExxonMobil and up to $2 billion in bonds. The $1.5-3 billion commercial bank loan will pay margins of 325 bps over Libor during the five and a half year construction period, 400 bps for the first four and a half years of operations and 425 bps for the next five years of operations. Around 20 banks have submitted more than $5 billion in ...
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