SocGen and BBVA Bag Peru LNG Loan Business

Sponsors of the $3.9bn Peru LNG project have selected Societe Generale and BBVA as MLAs to arrange a $250m B loan backed by the IDB and $800m in ECA guarantee facilities. The two banks are said to be considering bringing in additional lenders on the B loan portion. The liquefaction terminal in Peru will count on $2.25bn in financing, including the IDB B loan, a $400m IDB A loan, $150m loan from the ExIm Bank of Korea, and ECA guarantee facilities from the US ExIm Bank ($400m), ExIm Bank of Korea ($150m) and Italy’s Sace export credit agency ($250m). Peru’s Banco de Credito will arrange $350m in local bonds underwritten by Peruvian banks. SocGen is also serving as financial advisor.