Angolan oil producer Sonangol has closed the syndication on its US$1bn facility signed in June.

Crédit Agricole and Standard Chartered are acting as the initial mandated lead arrangers, underwriters and bookrunners on the deal, while Sonangol EP is providing the guarantee.

The loan will finance Sonangol’s corporate requirements and is backed by receivables of crude oil, a spokesperson at Crédit Agricole tells GTR.

Crédit Agricole was unable to disclose details of the loan’s margin but confirms that a “very good price” was agreed.

The syndication was launched to a small number of targeted senior banks and was well received by the market with banks keen to show support, Sonangol says. In view of the success of the senior phase, the general phase of syndication will not be carried out as planned.

The facility has a maturity of 10 years from the first repayment date, with an average life of approximately five years and will be repaid in 120 equal monthly instalments.