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BP Angola - receivables-based loan
02 March 2011
The Angolan oil blockbuster
This deal is the twin receivables-backed financing which BP used to diversify its funding last summer in reaction to the Macondo incident in the Gulf of Mexico. BNP Paribas and Standard Chartered were the two bookrunners on the $2.5 billion deal. The loan and its $2.25 billion sister financing, for BP Caspian, were launched simultaneously in a coordinated syndication effort managed by the borrower and the bookrunners.
The two transactions together created a structured commodity syndication event last summer that launched, and closed, remarkably quickly despite the prevailing market uncertainty. BNP Paribas and Standard Chartered launched, and fully underwrote, the five-year deal which...
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