Sonangol’s latest US$1.15bn commodity financing has closed oversubscribed by 10% and an increase is unlikely. Signing is expected in mid August.

Mandated lead arrangers are Bank Belgolaise, BNP Paribas, Natexis Banques Populaires and SG. Commitments on offer are senior co-arrangers at US$50mn for 95bp, co-arrangers at US$40mn for 80bp, senior lead managers at US$30mn for 65bp, lead managers at US$20mn for 55bp and managers at US$10mn for 45bp.

In senior syndication Commerzbank, Crédit Agricole Indosuez, Crédit Lyonnais, KBC Bank, Royal Bank of Scotland , Standard Chartered, and WestLB joined as sub-underwriters.

The deal has three tranches: an ‘A’ tranche for US$400mn, a ‘B’ tranche for US$300mn and a US$300mn ‘C’ tranche. The remaining US$150mn portion of the loan can be equally split between the three tranches to cover contingency costs.

Pricing is Euribor plus 225bp for the first three years and Euribor plus 250bp afterwards.