The financing backs construction of an LNG receiving terminal and infrastructure costing a total of $1.1 billion. It will have a base send-out capacity of 1.3 billion cubic feet per day.
The shareholders of the project are the Crest Group, the initial developer, with a 30 percent stake, Angola's national energy company, Sonangol, with a 20 percent stake, and El Paso Corp., whose acquisition of a 50 percent shareholding was closed at the start of February.
US law firm Chadbourne & Parke represented the Royal Bank of Scotland. Working for Chadbourne on the deal was Houston office Managing Partner David Schumacher and associates Jocelyn Leary in New York and Drew Prisner in Houston.
Other Chadbourne & Parke lawyers who assisted on the transaction were Tom Charbonneau, Marjorie Glover, Ted Zink, and Stephanie Chaice in New York and Noam Ayali and Andy Giaccia in Washington.
The principal construction contractor is a joint venture between Norways Aker Kvaerner and IHI Corp. of Japan.
The project benefits from two terminal use agreements with 20-year terms. The first agreement is with Angola LNG Supply Services, whose members are subsidiaries of Sonangol, Chevron Corp., Frances Total ,BP of the UK, and Italys Eni. The second is with Enis US subsidiary.