Banking syndicate provides loan of US$1 billion to Angola’s Sonangol

10 February 2014

A banking syndicate, led by the Standard Chartered Bank, has provided a US$1 billion loan to Angolan state oil company Sociedade Nacional de Combustíveis de Angola (Sonangol), Trade Finance Magazine reported on its website.

The loan, which will be paid back over two year with a spread f 250 basis points over the Luanda Interbank Offer Rate (Libor), was authorised in November 2013.

The banking syndicate also includes Crédit Agricole, Deutsche Bank, ING Bank, Natixis, Standard Bank, Sumitomo Mitsui Banking Corporation and Society Générale CIB.

The loan follows an earlier loan to Sonangol, for US$2.5 billion with a five-year maturity and a spread of 350 basis points over the Luanda Interbank Offer Rate (Libor), provided in September 2013.

The banking syndicate that provided the loan in September was also led by Standard Chartered and included BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, Natixis and Deutsche Bank.

Sonangol is preparing to auction off 10 onshore oil blocks, seven of which in the Kwanza river basin and three in the Congo basin, on 10 February in Houston, Texas. (macauhub)