Sonangol mandates five for reduced tenor loan

Angola's state-run oil firm Sonangol has slashed its preferred five year tenor to two years for its new $1bn loan, as it tries to raise money from banks unable to lend at longer maturities.

  • By Michael Turner
  • 06 Nov 2013

Sonangol has mandated five banks for the deal. Standard Chartered is co-ordinator once again, after fulfilling the same role on the borrower's $2.5bn five year deal in September.

Deutsche Bank, ING, Natixis and Standard Bank were mandated as arrangers before the deal was launched last week.

The loan is expected ...

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