Interesting article in Post Courier for today about the "mandated" participation by ANZ Bank in the $100 million refinery loan. It talks of it being for the support of the EA field and also mentions that it is a "good platform for future growth." Might we be seeing the lending partners for the project itself?
"ANZ in partnership with InterOil
Australian New Zealand (ANZ) Bank PNG Limited now acts as joint mandated lead arranger for InterOil’s US$100 million, five-year secured loan facility, to support the second LNG project of Elk and Antelope gas condensate fields in the Gulf Province.
ANZ head of Institutional Pacific, Mark Dawson said that InterOil has been a valued customer of ANZ’s and they are pleased to extend their industry expertise and balance sheet support as joint mandated lead arranger in this transaction.
The facility is to refinance an existing loan arranged by Overseas Private Investment Corporation for the construction of the Napa Napa refinery.
“The combination of our market leading commercial banking presence in Papua New Guinea, the strength of our global expertise in the Oil and Gas segment and access to specialist bankers across Australia, Singapore and PNG, mean that ANZ is able to deliver a highly successful transaction for InterOil,” Mr Dawson said.
This transaction reflects the ongoing confidence in PNG’s international investor profile and demonstrates the growing connections between Asia and PNG as intra-regional trade and investment expands.
ANZ CEO PNG, Mark Baker said: “As an international bank with a 100-year presence in PNG and an extensive network across Asia Pacific, we are focused on providing international financial expertise and access to global specialists to support the development of key industries in PNG for the benefit of our clients and the wider community.
“ANZ’s leading role in this new USD100m secured loan facility, further cements the bank’s relationship with InterOil and provides a good platform for future growth,” Mr Baker said.
ANZ is one of the leading banks in the Pacific, operating in 12 countries and is one of the largest international banks in the Asia Pacific region with a long-term credit rating in the AA category (Standard & Poor’s).
ANZ has operated in Papua New Guinea for more than 100 years and offers a full range of domestic and international banking services across Institutional and Corporate Banking, Financial Markets, Trade Finance, SME Banking and Retail Banking."
