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RLPC-UK CATS acquisition backed with 290 mln stg loan
June 23, 2014 / 2:25 PM / 3 years ago

RLPC-UK CATS acquisition backed with 290 mln stg loan

LONDON, June 23 (Reuters) - Antin Infrastructure Partners’ acquisition of a majority stake in one of Europe’s biggest gas pipelines UK CATS will be backed with a 290 million pound ($493.52 million) loan, banking sources said on Monday.

The sale by BG Group was agreed earlier this month for around $1 billion and is one of BG Group’s first major asset sales since announcing a portfolio review to bolster its finances.

RBC is sole underwriter of the infrastructure debt financing, which will be shown to other lenders and launched to syndication next week, the banking sources said.

The loan is split between a 265 million pound term loan and a 25 million pound revolving credit facility, the banking sources said.

BG will retain its right to access gas transport capacity on the CATS pipeline, a 404-kilometre subsea link that pumps up to 1.7 billion cubic metres of gas a day from UK North Sea fields, more than eight times Britain’s average daily gas demand.

Antin Infrastructure Partners is a Paris- and London-based fund investing in energy, transport and telecoms projects in Europe ($1 = 0.5876 British Pounds) (Editing by Christopher Mangham)

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