Find out all Crédit Agricole CIB's information on real time : latest deals, leagues tables, awards, flash. And every month, our special report on an current subject.
Calyon involved in the expansion project financing of Gate LNG terminal
On March 17th, Calyon signed a loan agreement in relation to the financing of the expansion of the Gate LNGLiquefied natural gas terminal. Calyon acted as mandated lead arranger with a contribution of EUR 19.5 million in the EUR 187 million transaction. The agreement has been signed by Gate LNG terminal with the European Investment Bank (EIB) and a syndicate of eight relationship banks. It adds to the initial EUR 893 million senior loan agreement, which was signed in July 2008. Calyon’s total commitment in the Gate financing is now EUR 73 million.
This loan will finance the expansion of the first Dutch liquified natural gas (LNG) import and regasification terminal located in the Maasvlakte industrial port of Rotterdam.
Earlier this year, the initial transaction received several awards, including the 2008 PFIPrivate Finance Initiative - the most successful and prolific form of PPP to date. Used to deliver services only after rigorous assessment has shown that it will provide better value for money compared to traditional public sector investment. Magazine award for the Best European Gas Deal of the Year, and the Euromoney Project Finance award for the Best European Oil & Gas deal of the Year.
To accommodate all customers, the terminal’s throughput capacity will be increased by 3 billion m3 of natural gas per year to reach a total throughput capacity of 12 billion m3 a year. The terminal will play an important role in the future supply of natural gas to the European market. This infrastructure is expected to be fully operational in the second half of 2011.
The involvement of Calyon in the Gate transaction greatly contributed to the development of the bank’s relationship with Vopak.
Vopak is the world’s largest independent tank terminal operator specialising in the storage and handling of liquid and gaseous chemical and oil products. Located in the Netherlands, the company operates 80 terminals in 32 countries. The Gate LNG terminal is a joint-venture between Vopak, Gasunie, and the companies who have contracted the terminal’s capacity.