Bloomberg News

Bangladesh Petroleum Confirms $150 Million Oil, Port Financing

September 12, 2011

Sept. 12 (Bloomberg) -- Bangladesh Petroleum Corp. hired Citigroup Inc., HSBC Holdings Plc and Standard Chartered Plc to arrange a $150 million loan, Chairman Muqtadir Ali confirmed today.

“The banks will organize a roadshow in Singapore on Sept. 26 and Sept. 27 to raise the syndicated loan,” Ali said in a phone interview from Dhaka today. The loan is being guaranteed by the central bank and is not underwritten, he said.

The loan is a short-term oil and port financing and has an average life of six months, Ali said. The loan pays a margin of 275 basis points over the London interbank offered rate, he said.

--Editors: Beth Thomas, Shelley Smith

To contact the reporters on this story: Wendy Mock in Hong Kong at wmock3@bloomberg.net; Arun Devnath in Dhaka at adevnath@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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