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Some 11 banks have committed to a US$287.5mn fundraising for the Oswal Chemical & Fertiliser Burrup Ammonia Plant project in

  • Western Australia. The facility starts life as a US$287.5mn 2.5-year construction facility and then converts into a two-tranche facility, split into a US$75mn five-year term loan and a US$195mn 10-year term loan. The facility also has a US$17.5mn contingent debt portion that will only be drawn if required to fund a US$25mn debt service reserve account.

    The arrangers are Bank of Scotland International (Australia)/Bank West lending US$50mn, ANZ Investment Bank with US$45mn and National Australia Bank with US$25mn.

    Participants are Toronto-Dominion Bank with US$32.5mn, Commonwealth Bank of Australia, Hamburgische Landesbank Girozentrale, Korea Development Bank and Westpac Banking Corp with US$25mn each and Landesbank Rheinland-Pfalz with US$5mn.