Bloomberg News

Sonangol Said to Seek $1 Billion Syndicated Loan For 10 Years

June 22, 2011

June 22 (Bloomberg) -- Sonangol Holdings, Angola’s state oil company, is in talks with banks for a $1 billion ten-year syndicated loan, according to a person with knowledge of the situation.

Credit Agricole CIB and Standard Chartered Plc are arranging the term loan, which will pay initial interest of 325 basis points more than the London interbank offered rate, said the person, who declined to be identified because the transaction is private.

Joao Rosa Santos, a spokesman for Luanda-based Sonangol, didn’t immediately respond to a phone call and e-mail seeking comment.

--Editors

To contact the reporter on this story: Karen Eeuwens in London keeuwens@bloomberg.net.

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net.


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