Qatar Gas Transport Company is seeking a US$1 billion syndicated loan, Bloomberg has reported after speaking to a person familiar with the matter.
While Qatar Gas did not immediately respond to a Bloomberg request for comment, the agency said Mizuho Bank is the sole mandated lead arranger and bookrunner of the five-year deal. The loan, which is being syndicated to the broader market, pays an interest margin of 82 basis points over the benchmark Secured Overnight Financing Rate, the person added.
The deal carries a greenshoe option, which allows the size to increase by an additional $330 million, the person said. Proceeds from the loan will be used for general corporate purposes.
Qatar Gas joins a number of Gulf borrowers keen to tap banks in Asia to diversify fundraising beyond their domestic capital markets. Saudi Investment Bank just launched a syndicated loan of as much as US$750 million, while Saudi Electricity is in the market with a US$1 billion facility.
Qatar is the largest producer of liquefied natural gas (LNG) in the world and Qatar Gas is planning to expand its fleet as the nation remains focused on being the leading global supplier of clean energy.
Nakilat, as Qatar Gas Transport is known in the region, announced a significant vessel acquisition in January 2024 when it placed orders for six gas vessels – two cutting-edge LNG carriers with a cargo capacity of 174,000 cubic meters each and four modern Very Large LPG/ Ammonia Gas carriers, with a cargo capacity of 88,000 cubic meters – with Hyundai Samho Heavy Industries (HSHI) of South Korea.
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