December 20, 2018 / 1:34 PM / in a month

Sonangol secures $1 bln loan facility to fund operations, investment

LONDON, Dec 20 (Reuters) - Sonangol has secured a $1 billion loan backed by future oil sales to fund operations and investment, Angola’s state oil company said on Thursday.

The so-called receivables purchase agreement facility, which runs for five years, was been fully underwritten by African Export-Import Bank, Natixis, Societe Generale and Standard Chartered Bank, Sonangol said.

The facility has been launched into general syndication targeting international financial institutions, it said.

Sonangol plans to use it to fund the operating costs and investment plans of its so-called Regeneration Programme. (Reporting by Dmitry Zhdannikov; writing by Shadia Nasralla; editing by Jason Neely)

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