Gasol plc, the West African energy development company, is pleased to announce that it has executed a multi-tranche, unsecured bond instrument (the “Bond”).
The Bond has an interest rate (after making any applicable deduction on account of withholding taxes) of 10% per annum and a maturity of three years. Interest is payable twice yearly.
The Board is also pleased to announce that the first Bond tranche of US$20m has been placed with institutional investors. The Bond has a maximum issue size of US$100m and any subsequent tranches will be subject to investor appetite.
The net proceeds from the initial tranche of the Bond will be used to support initial development work and scoping studies for the development of the Company’s Liquefied Natural Gas (LNG) Import Project, which is to be situated in Benin, West Africa. The intention will be to supply gas into the 678km West African Gas Pipeline for delivery to customers in Benin, Togo and Ghana, where significant gas shortages exist.
Alan Buxton, Chief Operating Officer at Gasol, commented, “It is a very strong endorsement of the Company’s business strategy that we are able to raise this level of funds in a tight credit market and receive this support from the institutional investment community. Gasol is well funded and positioned to move ahead with its outlined strategy.”
The deal, valued at $4.4bn, will further strengthen Shell’s position as a leader in the LNG industry. Shell will also assume and consolidate balance sheet liabilities reflecting leases for LNG ship charters of currently $1.8bn.
Afrox is forging ahead with its plans to establish a 150 tonnes-per-day ASU (air separation unit) in Port Elizabeth, to service customers across the Eastern Cape region. This investment of approximately R300-million was recently approved by the board and is in response to current and future customer and industry ...
A landmark agreement has been signed between Air Products South Africa and Sasol Chemical Industries, which will see Air Products purchase the Sasolburg A2100 air separation unit (ASU), and simultaneously commence with a new long-term supply agreement.
At a time when the Southern and pan-African mining and engineering sectors are facing many challenges, companies are looking for suppliers which can offer them the widest and most robust range of products to assist them in addressing the challenges that they face.
Month on month, the gasworld website is the market-leading news portal for the global industrial gas sector, growing at an unprecedented rate and keeping its readers at the forefront of breaking news, insightful analysis and must-see features across the industry. Launched in 2004 and continually evolving, it is the only independent online news, views and intelligence portal for the global industrial gas community and the larger end-user markets – and home to the ever-increasing range of gasworld platforms.
To find out more about gasworld's advertising opportunities click here.