$600 Million Project Financing Completed for Construction of Atlantic LNG Plant.NEW YORK--(BUSINESS WIRE)--Sept. 17, 1997-- Deal is the First Liquid Natural Gas Project Financing in the Americas ABN Amro Bank, BZW BZW Beziehungsweise (German: Respectively) BZW BZFlag World (file format/extension) BZW Blizzard Warning BZW Barclays der Zoete Wedd (the investment banking arm of Barclays Bank plc) and Citibank today reported that together they had successfully arranged and syndicated a $600 million, multi-tranche debt financing to fund the construction of the Atlantic LNG project, a liquefied natural gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. complex located in Trinidad and Tobago Trinidad and Tobago (trĭn`ĭdăd, təbā`gō), officially Republic of Trinidad and Tobago, republic (2005 est. pop. 1,088,000), 1,980 sq mi (5,129 sq km), West Indies. The capital is Port of Spain. . The financing is the first LNG LNG (liquefied natural gas): see under natural gas. project financing in the Americas, and is the largest and longest tenor project financing to date in the Caribbean. The Export-Import Bank of the United States Export-Import Bank of the United States (Ex-Im Bank) One of the principal U.S. government agencies in international finance. Originally incorporated as the Export-Import Bank of Washington in 1934, its goal is to help finance U.S. and the Overseas Private Investment Corp. (OPIC OPIC Overseas Private Investment Corporation OPIC Office de la Propriété Intellectuelle du Canada (French: Canadian Intellectual Property Office) OPIC Organization of Professional Immigration Consultants OPIC Ohio Public Interest Campaign ) are providing political risk coverage for a portion of the financing. The Atlantic LNG project entails the construction, startup and operation of a three million tonne per year LNG plant. Pursuant to long term contracts, gas will be supplied by Amoco's local subsidiary and the LNG will be sold to Cabot LNG, based in Boston, and Enagas, based in Madrid, Spain. The sponsors of the project are Amoco Corp., BG plc, Repsol, Cabot Corp. and the government-owned National Gas Co. of Trinidad and Tobago. Citibank acted as financial advisor for the project sponsors. Construction on the Atlantic LNG project is expected to be completed by mid-1999. CONTACT: ABN Amro Mara Blackman, 312/904-2893 or BZW Gail Carmody, 212/412-7573 or Citibank Mary Regan, 212/559-4225 or Ruder Finn Joe Miller, 212/715-1602 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion