Gazprom Neft Mandates Four Banks to Arrange Syndicated Loan
OREANDA-NEWS. JSC "Gazprom neft" (the "Borrower") has mandated a group of international banks АBN AMRO Bank N.V., Calyon, Citigroup Global Markets Ltd., and Commerzbank Aktiengesellschaft, (together the "Initial Mandated Lead Arrangers") to arrange a new USD 2,2 bln syndicated loan facility (the "Facility"). The Facility will be used by the Company to finance business expansion in upstream and downstream.
The Facility is an amortising term loan that pays a margin of 0.75% per annum. Loan documentation was signed on Friday, September 14th.
The deal is strongly supported by the four bookrunners - АBN AMRO Bank N.V., Calyon, Citigroup Global Markets Ltd., and Commerzbank Aktiengesellschaft, which reflects Gazpromneft's strong credit profile and the depth of its relationship within the international financial markets.
JSC "Gazprom neft" is the leading vertically integrated oil company in Russia that comprises oil-production, refining and marketing. It is the 5th largest oil company in Russia as measured by oil-production. Current S&P rating is BB+. In 2006, JSC "Gazprom neft" came up with oil production level of 32,7 mln tons, and refining throughput of 24,4 mln tons. 75,68% of JSC "Gazprom neft" shares are owned by Gazprom Group. According to US GAAP Total revenues as of 2006 year-end were USD 20,172 mln, EBITDA - USD 5,168 mln, Net Income - USD 3,661 mln.
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