Quiroz Galvao Puts Out RFP

Quiroz Galvao has put out an RFP for a 6-year syndicated loan for the purposes of building two drill ships, according to market participants. The deadline is the end of this week, according to syndicated loans bankers. The two projects are expected to cost around $1.3bn in total, including an equity stake, which will make up around 20% of the investment, says one syndicated loans banker. Export credit agencies, as well as banks, are expected to participate in the deal, he adds. The Brazilian construction and oil & gas company took out a 7-year syndicated loan last year for $575m to build oil platform Alpha Star. The spread was 250bp over Libor for the construction period and 225bp over Libor for the post-construction period. Citi and Santander were the leads.