OREANDA-NEWS. August 25, 2011. ITERA Oil and Gas Company raised a five-year USD 325 million syndicated loan to refinance its current credit portfolio on August 11, 2011.

The syndicate members are Deutsche Bank AG, OJSC Gazprom, Reiffeisen Bank and UniCredit Bank. Deutsche Bank Luxembourg S.A. acts as a paying agent and a loan security agent. The Loan Agreement envisions a possibility of subsequent circulation of the loan on the secondary debt market. The parties’ relations under the Loan Agreement shall be governed by the English law.

The loan interest rate is set at 4.5%+LIBOR3M which makes 4.8 per cent per annum for the first interest period.

The successful provision of the syndicated loan in conditions of instability on the international financial markets testifies to a high credit quality of ITERA Oil and Gas Company.

ITERA Oil and Gas Company is one of the larger independent producers and sellers of natural gas in the Russian Federation. ITERA has been developing own production of natural gas in the Yamalo-Nenets Autonomous District since 1998. The Company has invested over USD 2 billion in the development of natural gas production industry. ITERA was the first private company to commission gas fields in the North of Russia. The total of about 245 billion cu m of natural gas has been produced in the gas fields developed by ITERA.