Angola: Sonangol plans to take out US$2.5 billion loan

25 July 2008

London, United Kingdom, 25 July – Angolan state oil company Sonangol has invited banks to provide it with a sindicated loan of US$2.5 billion led by the Standard Chartered Bank, a banking source cited by MoneyBIz said in London.

The loan contractor is Sonangol Finance, with Sonangol standing as guarantor.

The seven-year loan pays an interest rate of 160 basis points on Libor (London Interbank Offered Rate), which is more than the 100 basis points for the previous US$3 billion loan taken out in October 2007.

Sonangol, which was established in 1976, is the concession-holder of oil and gas prospecting, surveying, development and production rights across Angola. (macauhub)