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Gazprom Neft wants $1 billion cash

Gazprom Neft, the oil arm of gas export monopoly Gazprom, has appointed banks to arrange the first Russian syndicated loan of the year.

 

Gazprom Neft, the oil arm of gas export monopoly Gazprom, has appointed banks to arrange the first Russian syndicated loan of the year, bankers close to the deal said. The new deal will be used to refinance existing debt and will also provide the borrower with new money, a banker told TRLPC last month. The company has mandated Bank of Tokyo-Mitsubishi-UFJ, Natixis and Societe Generale to arrange a $1 billion, five-year pre-export financing, which includes a two-year grace period, sources told Reuters.

 

Gazprom Neft's previous loan was an unsecured $500 million facility agreed in October last year via a club of banks organised by agent Bank of Tokyo-Mitsubishi UFJ. The margin was 5%.

Source : Upstream