Sonangol in Bid to Secure $1 Billion in Funding

Angolan state-run firm Sonangol is looking to secure a significant amount of new funding according to Bloomberg. The company is said to be in talks with banks to secure a $1 billion ten-year syndicated loan.

Credit Agricole CIB and Standard Chartered Plc are arranging the term loan, which will pay initial interest of 325 basis points more than the London interbank offered rate, said a Bloomberg source who declined to be identified because the transaction is private