CITIBANK OBTAINS $203 MILLION PROJECT FINANCING FOR RESINAS LINEALES, RESILIN, C.A.
CITIBANK OBTAINS $203 MILLION PROJECT FINANCING
FOR RESINAS LINEALES, RESILIN, C.A.
NEW YORK, June 9 /PRNewswire/ -- Citibank, N.A. announced today the recent closing of a $203 million project financing package for Resinas Lineales, Resilin, C.A. ("Resilin"), a company incorporated under Venezuelan law, to build, own and operate a linear polyethylene plant in Venezuela.
Resilin's shareholders are Petroquimica de Venezuela, S.A., Grupo Zuliano, C.A., Combustion Engineering Technology Investment Corporation, and Banco Latino, C.A. Project sponsors are Petroquimica de Venezuela, S.A., Grupo Zuliano, C.A., and Asea Brown Boveri, Inc.
The new plant will have flexible production capabilities and will be able to produce either linear low density polyethylene or high density polyethylene. Raw material input of ethylene will be provided by Petroquimica de Venezuela, S.A.
Financing was arranged through a limited-recourse term loan facility. Government agencies participating in the financing for this project were: Canadian Export Development Corporation, Corporacion Andina de Fomento, Export-Import Bank of the United States, Overseas Private Investment Corporation, and the Japanese Ministry of International Trade and Industry. Financial institutions involved were: Internationale Nederlander Bank N.V.; Banque Nationale de Paris; Credit Lyonnais; Deutsche Bank AG; Societe Generale; Union Bank of Switzerland; Banque Francaise du Commerce Exterieur; EFAG Export Finance Company Ltd.; and Citibank, N.A.
/CONTACT: Beth Mead of Citibank, 212-559-8134/ CO: Citibank N.A. ST: New York IN: FIN SU: FNC
SH-CK -- NY025 -- 8297 06/09/92 10:39 EDT