Peru LNG Project Seeks Lenders

An RFP has gone out for a syndication of up to $1.05bn in debt to support a $2.25bn financing for the Peru LNG liquefaction terminal, according to officials at financial advisor Societe Generale. Banks have until December 17 to pitch for roles in arranging a $250m B loan from the IDB and ECA guarantee facilities from the US Export-Import Bank ($400m), Export-Import Bank of Korea ($150m) and Italy’s Sace export credit agency ($250m). The remainder of the financing comes from a $300m IFC A loan, a $400m IDB A loan, a $150m direct loan from the Export-Import Bank of Korea, and $350m in local bonds underwritten by Peruvian banks. The financing is expected to close by the end of February and each tranche will have a tenor of 18-20 years. Construction on the $3.8bn, 625m cubic feet per day terminal in Pampa Melchorita, south of Lima, began in January and is expected to wrap up by mid-2010. About $1bn has been spent so far, coming through equity from sponsors Hunt Oil, SK Energy, Repsol YPF and Marubeni.