OREANDA-NEWS. September 05, 2011. In August 2011 JSOC Bashneft successfully closed a USD 300 million crude oil pre-export finance facility. Proceeds are to be applied to general corporate purposes of the company including debt refinance, reported the press-centre of Bashneft.     

The transaction represents the first syndicated international credit finance facility raised by Bashneft.

"The pre-export finance facility raised by Bashneft is a logical step towards improving the debt structure of the company "- said Alexander Korsik, President of JSOC Bashneft. -"Broadening the range of financial instruments the company diversifies its debt structure and as a result enhances its financial position and lowers the cost of debt".

The deal was coordinated by BNP Paribas (Suisse) S.A. and Deutsche Bank A. G. BNP Paribas S.A., Deutsche Bank AG, Goldman Sachs International and ING Bank N.v. were appointed as Mandated Lead Arrangers and Bookrunners. BNP Paribas S.A., Deutsche Bank AG, and ING Bank N.v. also serve as Fixed Rate Providers. BNP Paribas ZAO was appointed as the facility Passport Bank and Deutsche Bank A.G., Amsterdam Branch acts as Facility and Security Agent.