A new syndicated loan which was part of the facility was arranged to discharge the remaining bridge facility for a sum of circa US$235m.
A new collar facility for A$100m with similar terms of existing collar facility between UBS and KPIL collaterasing circa 12.4m OSL shares.KPIL assumed the existing collar loan and refinanced the bridging facility as follows: A Bridge Facility A$335m (securitised by a payment direction from Kroton on LNG distributions from Gloco and circa 12.4m OSL shares) with interest rate of 4.95% p.a On 23 December 2014, the State transferred its 10.01% shareholding interest in OSL and the obligations arising from the UBS loan facilities to KPIL.A Collar Loan providing net funding of A$904m (a loan facility collaterised by circa 137m OSL shares) with interest rate of 4.95% p.a, and.The funding for the purchase of the State’s interest in OSL was provided by UBS in the form of: The whole Oil Search investment process was originally designed to enable the PNG government to buy back the stake that it had sold to an Abu Dhabi sovereign wealth fund and to help OSL buy stakes in PNG’s biggest undeveloped gas fields, Elk and Antelope from Interoil Ltd. The PNG government acquired 149 million shares in Oil Search in 2014 when the company sold new stock at A$8.20 apiece. On 4 March 2014, the State acquired a 10.01% shareholding (149,390,244 shares) in OSL at a price of AUD8.20 per share for a total consideration of A$1,242 million. KPIL & UBS Loan KPIL is the entity that held the State’s investment in OSL and the corresponding liability in the UBS loan. At this time, a separate investment banking "beauty parade" took prominence, managed by the Bank of Papua New Guinea. But the PNG decision-making process was delayed, the price of OSL shares rose to around A$8.55 with a strong positive outlook and the Abu Dhabi fund opted to keep its Oil Search shares by converting the exchangeable bonds to equity in OSL and, by February 2014, former Prime Minister O'Neill was searching for another way. They preferred low-risk and low-cost loan proposals, such as a joint proposal by ANZ and Barclays Bank. One of the early attempts to make this happen saw an intergovernmental committee, involving the Independent Public Business Corporation and the corporate advisory arm of the Bank of South Pacific, reject the "risky" and "expensive" UBS proposal, according to sources involved. Business leaders and officials who dined with him say it was a prominent topic of conversation throughout the second half of 2013, as the Abu Dhabi sovereign wealth fund was considering whether to convert its large PNG debt security into equity. It was well-known among the PNG elite that the shrewd Prime Minister O'Neill, was to hold a substantial stake in Oil Search, seeing it as the country's national champion. IPIC deal saw Independent Public Business Corporation (IPBC) issue exchangeable bonds to IPIC with the option to be transferred into Oil Search shares at a price of A$8.55 upon maturity if the state does not pay back IPIC. PNG Breaking News - IPIC Deal for PNG LNG Project To participate in the PNG LNG project the Somare government struck a deal with Abu Dhabi fund International Petroleum Investment Company (IPIC) to raise A$1.68 billion ($1.1 billion), through exchangeable bonds for Oil Search Ltd per the Somare Govt agreement signed.
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