Sasol announced the completion of a $4 billion credit facility for its ethane cracker and derivatives at its existing site in Lake Charles, Louisiana.

"Securing this financing facility is another key milestone in advancing a defining project for the company," said Paul Victor, acting chief financial officer of Sasol. 

"The support from a large number of international financial institutions is a testament to Sasol's strong standing within the global financial markets," he added.

A syndicate of 18 international banks and other financial institutions are lenders for the credit facility. The syndicate consists of:

• Book-runners and joint lead arrangers: The Bank of Tokyo-Mitsubishi UFJ, Ltd.; BNP PARIBAS; HSBC Bank USA, National Association; Intesa Sanpaolo S.p.A.; JPMorgan Chase Bank, N.A.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Mizuho Bank, Ltd.; Sumitomo Mitsui Banking Corporation and Citibank, N.A.
• Joint lead arrangers: Absa Bank Limited; KfW IPEX-Bank GmbH; Industrial and Commercial Bank of China Limited; ING Capital LLC; Korea Development Bank and SG Americas Securities LLC.
• Managers: Export Development Canada; Deutsche Bank AG and UniCredit Bank Austria AG.

The Bank of Tokyo-Mitsubishi UFJ is the administrative agent, Bank of America is the account bank, and HSBC Bank USA, National Association is the security trustee for the credit facility. The Royal Bank of Scotland acted as the project's financial advisor, and Latham & Watkins LLP served as legal advisor for the project. Skadden, Arps, Slate, Meagher & Flom LLP advised the lenders.

In October, Sasol announced its final investment decision relating to the $8.9 billion petrochemical complex, which consists of an ethane cracker that will produce 1.5 million tpy of ethylene. 

The complex will also comprise six chemical manufacturing plants, enabling infrastructure and utility improvements.

The remainder of the funds required for construction will be raised in a phased manner from a variety of potential sources, according to company officials, including surplus cash available in the group. Additional funding will be announced as it is secured.