Mandated lead arrangers African Merchant Bank, BNP Paribas, Natexis Banques Populaires and SG are ready to launch general syndication of the US$1.15bn pre-export financing for Sonangol.
The following have joined as sub-underwriters: Commerzbank, Cr édit Agricole Indosuez, Cr édit Lyonnais, KBC Bank, Standard Chartered Bank, Royal Bank of Scotland and WestLB.
The deal has three tranches. Tranche A is a US$400mn term loan with an availability period from signing until April 2003.
Tranches B and C are US$300mn term loans with more flexible availability periods running from signing until December 2003.
The margin is 225bp over Libor from drawdown to year three and 250bp thereafter. Three tickets are on offer during senior syndication.
Senior lead arrangers are invited for commitments of US$200mn with a target hold of US$100mn for 70bp sub-underwriting fees and a 120bp participation fee for the final hold. Lead arrangers were invited for takes of US$150mn with an expected final hold of US$75mn, for fees of 55bp for underwriting and a 105bp participation fee.
Arrangers were invited for takes of US$100mn for a final hold of US$50mn for an underwriting fee of 45bp and a participation fee of 90bp.