ENAP Secures $150-Million Syndicated Loan

Chilean state-run energy concern Empresa Nacional de Petróleo (Enap) has secured a seven-year $150-million syndicated loan via a group of 12 banks led by Calyon. Enap will pay an annual interest rate of Libor plus 0.175% for years one through three; Libor plus 0.20% in years four and five and then Libor plus 0.225% in years six and seven. The loan will be used to pay short-term obligations and fund investment plans next year.