ACS-backed consortium signs financing for natural gas compressor in Mexico

06 April 2020 - 12:00 am UTC

The SPV behind the Ku-Maloob-Zaap natural gas compression platform project in Mexico signed a USD 404m credit facility on 3 March, said three sources familiar with the situation.

The sponsor signed the 10-year loan with 11 lenders, with ING Capital and Mizuho Bank as coordinating lead arrangers.

Mexican development banks Bancomext, Banobras and Nafin participated in the deal, in addition to international lenders Bank of China, Instituto de Crédito Oficial (ICO), Intesa Sanpaolo, MUFG, Norinchukin Bank and Société Générale.

The deal is backed by expected payments supporting construction from a lump-sum contract with state-owned oil and gas producer Pemex, as well as payments for service during operations and maintenance. The contract includes an operations and maintenance (O&M) services agreement that terminates in 2030.

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