Gina Rinehart's Roy Hill project has set a mid-November deadline for bankers in a book build designed to deliver about $US3 billion in debt for the $10 billion mine, rail and port project.
It is understood the NAB and BNP Paribas-led book build was launched several weeks ago, with commercial lenders asked to submit formal credit-approved commitments by the middle of next month, with bids for loan margins and fees. It is believed Roy Hill is seeking terms that would have the loan repaid within seven years of the expected project opening, scheduled for late 2015.
The estimated $3 billion in commercial loans is on top of the $4 billion Roy Hill is seeking from export credit agencies in Korea, Japan and the United States.
The company has long said it expects to close its debt financing by the end of the year. It is expected to take some time to assess the commercial bank bids and integrate them into parallel offers made by ECAs.A spokesman for Roy Hill would not comment yesterday, but said strong progress was being made at the 55 million-tonne-a-year iron ore project, with engineering and procurement manager Samsung C&T having assigned most of the major sub-contracts for mine construction and export infrastructure.