Peru LNG Launches Upsized $400m Syndication

Peru LNG has launched to retail a $400m B loan backed by the IDB that is part of the regasification terminal’s $2.5bn financing package. The 15-year loan (C+12 years) was upsized from an original $250m amount, based on interest from participants, according to a banker familiar with the transaction. The sponsor and MLAs Societe Generale and BBVA are inviting fewer than 10 banks, hoping to add to ING, Sumitomo Mitsui and Mizuho, who joined prior to launch. The rest of the financing package supporting the more than $3bn project includes ECA guarantee facilities from the US Export-Import Bank ($400m), Export-Import Bank of Korea ($150m) and Italy’s Sace export credit agency ($250m). There is also a $300m IFC A loan, a $400m IDB A loan, a $150m direct loan from the Export-Import Bank of Korea, and up to $350m in local bonds underwritten by Peruvian banks and arranged by Banco de Credito del Peru. Sponsors Hunt Oil, SK Energy, Repsol YPF and Marubeni have contributed more than $1bn in equity.