Mandated lead arrangers Société Générale, BNP Paribas, and Citi have closed syndication on a US$1.05bn bridge facility for KMG Kashagan. A total of eight other banks joined the facility and it was signed on September 28.

The facility features a 12-month tenor, and the funds are said to be used to finance the development of offshore oilfields.

The borrower, KMG Kashagan is a special purpose vehicle set up by Kazakhstan’s state-owned oil and gas corporate KasMunaiGaz.