OREANDA-NEWS. December 23, 2010. ITERA Oil and Gas Company, LLC borrowed a syndicated loan of USD 250 million for a term of three years on December 2010.  Deutsche Bank AG (London Branch) acted as an underwriter for the loan, reported the press-centre of ITERA. 

The syndicate of creditors included Deutsche Bank AG, Raiffeisen Bank, UniCredit Bank and other credit institutions. Deutsche Bank Luxembourg S.A. is the paying agent and the security agent for the loan. The loan agreement envisions a possibility for a follow-up usage of the loan in the secondary debt market. The parties’ relationship under the loan agreement is regulated by the law of England.

The loan interest rate for the first usage year is set at LIBOR 6М + 5.25%. The interest rate was 5.7% a year for the first half-year.

ITERA Oil and Gas Company, LLC views the syndicated loan as an important stage of a strategy for it to enter international finance markets.

ITERA Oil and Gas Company, LLC: ITERA has been developing its own gas production in the Yamalo-Nenets Autonomous District (YaNAO) since 1998. The Company has invested in the development of the industry over USD 2 billion. ITERA was the first private company that commissioned gas fields in the North of Russia. All in all, over 230 billion cu m of natural gas has been produced in the fields developed by ITERA.