Senegal: FAR raises funds for Sangomar


Issue 408 - 30 Jan 2020 | 1 minute read

Australia’s FAR has received final credit approvals for an underwritten $300m senior secured reserve-based lending facility to fund its share of the Sangomar oil field development, which reached a final investment decision on 14 January. FAR said Macquarie Bank, BNP Paribas and Glencore would each take $100m of the loan, which has a seven-year term and is priced at a margin of 7.75% over Libor. Glencore has also signed a memorandum of understanding to buy FAR’s share of production from the field.

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