Sonangol’s US$550mn oil-backed loan is near to closing. The facility for the blue chip Angolan oil company is underpinned by an oil receivables contract with Nissho Iwai Corporation.
Mandated lead arrangers are Fortis Bank, Standard Bank and UFJ.

The deal is enhanced by a hedging facility that mitigates price risk. The deal is structured into two tranches – a fully underwritten tranche of US$330mn and a best efforts tranche of US$220mn.


Sonangol last tapped the market in August with a US$1.14bn debt facility. Mandated lead arrangers then were Banque Belgolaise, BNP Paribas, Natexis Banques Populaires and SG.