Peru LNG Closes Project B Loan

Peru LNG has received the funds from the syndication of a $400m IDB syndicated B loan and lenders are now heard redistributing their portions of the facility to secondary lenders. Pricing in the 3-year pre-construction period is heard to have been bumped up to 100bp from 75bp. In years 4-5, the first two years of the construction period, pricing remains at 100bp, stepping up to 120bp in years 6-10 and 150bp in years 11-15, says a banker close to the process. Up front fees for $50m tickets are heard at 60bp, while $40m tickets will receive 50bp. For $30m ticket, fees are 40bp, says a banker involved. SocGen and BBVA led the financing with a handful of MLAs, including ING, Mizuho and Sumitomo Mitsui, supporting the deal. Peru LNG also obtained a $300m IFC A loan, a $400m IDB A loan and a $150m direct loan from the Export Import Bank of Korea.