Ichthys Closes Biggest Project Financing Ever At $20B

Law360, New York (December 18, 2012, 5:16 PM EST) -- Ichthys LNG, the Australian gas project heavily backed by Japanese energy companies, on Thursday announced a long-awaited debt package that, at $20 billion, is being billed as the biggest project financing in history.

Like other big LNG projects to have locked down loans recently, Ichthys will rely heavily on export-credit agencies and its own sponsors for debt, as the sheer size of its $34 billion venture tests the limits of even the biggest commercial bank syndicates.

The loan package, which covers about 60 percent of the...
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