Calyon New York Branch, HSBC Securities (USA), and JP Morgan Securities led the arrangement. Tuesday's "amended and restated term loan agreement" lowers the interest rate of US$150mn of the loan to Libor plus 0.20% a year from Libor plus 0.50% a year.
Enap will use the funds from this loan to refinance short-term debt. The agreement also grants an extra US$100mn as a bullet loan repayable after five years, at an interest rate of Libor plus 0.20% for the first four years and Libor plus 0.225% for the final year.
Markets offered financing for US$360mn. Enap started its refinancing efforts in October 2002, when its average term of debt was two years. Today, average debt terms are six years.
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