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Industry Brief

Sasol Ltd. has completed a $4 billion credit facility for an ethane cracker and derivatives project at its existing site in Lake Charles, LA. A syndicate of 18 international banks and other financial institutions are lenders for the credit facility. It consists of book-runners and joint lead arrangers The Bank of Tokyo-Mitsubishi UFJ Ltd.; BNP Paribas; HSBC Bank USA, National Association; Intesa Sanpaolo S.p.A.; JPMorgan Chase Bank N.A.; Merrill Lynch, Pierce, Fenner & Smith Inc.; Mizuho Bank Ltd.; Sumitomo Mitsui Banking Corp. and Citibank N.A. Joint lead arrangers are Absa Bank Ltd.; KfW IPEX-Bank GmbH; Industrial and Commercial Bank of China Ltd.; ING Capital LLC; Korea Development Bank and SG Americas Securities LLC. Managers are Export Development Canada; Deutsche Bank AG and UniCredit Bank Austria AG. In October, Sasol announced its final investment decision for the $8.9 billion petrochemical complex, which includes an ethane cracker that will produce 1.5 million tons of ethylene annually (see Daily GPIOct. 27). The remainder of the funds required for construction will be raised in a phased manner from a variety of potential sources, including surplus cash, Sasol said.

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