WestLB Arranges Project Financing for Sasol-Huntsman in Moers
Financing secures the enlargement of production plants on the Lower Rhine / Volume: € 82 million
WestLB has successfully arranged an € 82 million project financing for Sasol-Huntsman GmbH & Co KG in Moers on the Lower Rhine. The financing will secure the enlargement of an existing maleic anhydride plant in Moers. Maleic anhydride (MSA) is an important intermediate product for numerous applications and final products in the pharmaceutical, food, artificial fertilizer and construction industries.
The new plant is currently under construction and is due to go on stream in early 2011. The project will enable Sasol-Huntsman to increase its annual production capacity to around 105,000 t and become the largest MSA producer in Europe.
The financing consists of a non-recourse long-term financing of € 77 million and a working capital facility of € 5 million. However, given the solid credit metrics in combination with the project´s strong economics, this financing is able to withstand the current challenging environment. A number of savings banks from North Rhine-Westphalia have agreed to participate in the financing.
Mike Dixon, Managing Director of Sasol-Huntsman, added: “We are very pleased to have closed on this financing, and with construction progressing to plan, we are on course to deliver another world-class project.”
About Sasol-Huntsman
Sasol-Huntsman is a German joint venture of South African Sasol Limited and U.S. company Huntsman Corporation. Both companies are globally operating producers of high-grade chemical products and fuels. Moreover, Huntsman Corporation is the world´s largest producer of maleic anhydride and a leading licensor of technology for its production. Huntsman is also a worldwide supplier of catalyst required in the production of maleic anhydride.