Oil & Natural Gas Money

In another transaction that exemplifies commercial banks’ appetite to finance offshore oil and gas assets, S V Oil & Natural Gas has raised USD 51 million via a four year loan. Sole mandated lead arranger and bookrunner Standard Chartered Bank managed to rope in Chang Hwa Commercial Bank, First Bank of Nigeria, State Bank of India and State Bank of Mauritius as participants at the lower tiers. Fully underwritten by Standard Chartered Bank, the loan is reportedly priced at 400 bps above LIBOR and is secured by oil rigs. S V Oil & Natural Gas has a fleet of 5 rigs and the proceeds will be used to charter oil rigs.

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