AVIATION Fuel Supply Co (AFSC), a consortium of aviation and oil companies, has named five banks to arrange a US$200 million project financing for the design, construction and commissioning of a fuel system at Chek Lap Kok.
BA Asia, the financial adviser to a group of sponsors of the project, said the arrangers were ABN-AMRO Bank, Long Term Credit Bank of Japan, Sakura Bank, Sanwa International Finance and Sumitomo Bank.
The deal is part of a project worth HK$1.69 billion.
It has three components; the US$200 million component for which arrangers have been named, a HK$120 million construction bond and a HK$24 million revolving credit.
The US$200 million term loan and the HK$24 million revolving credit would have maturities of 16.25 years, and the construction bond would have a 29-month life.
The HK$120 million construction bond will be deposited with the Provisional Airport Authority (PAA) and funded by the banks.
Under the structure for the fuel supply project, consortium partners will be granted a franchise from the PAA to build and run the fuel-supply project.