OREANDA-NEWS. SCF Sovcomflot (OAO Sovcomflot), Russia’s largest shipping company and a world leader in the transportation of hydrocarbons by sea, is pleased to announce that it has been shortlisted for the award of ‘Deal of the Year’ in the prestigious Lloyd’s List Global Awards 2013. The winner of this and the other awards will be announced in London, UK on Tuesday 1 October 2013.

 Lloyd’s List Awards, Global 2012

Sovcomflot and Citigroup are shortlisted for the company’s USD 700 million, seven year credit facility which was arranged in December 2012 by a consortium of international banks including Citigroup. The refinancing set a new benchmark for bank financing of the tanker industry, against a background of limited credit availability due to the impact of the global financial crisis. The credit facility was one of the largest transactions of its type in 2012, with one of the longest tenors. Its competitive terms reflected the stability and high level of earnings visibility of OAO Sovcomflot within the tanker market. The funds raised were used to refinance three existing revolving credit facilities and for other corporate purposes.

The short-listing of Sovcomflot for this award is the second time this year that this credit transaction has received external acclaim. In the first quarter of 2013, the international publication Marine Money recognised this transaction by bestowing its ‘Editor’s Choice Award’. The award reflected the successful execution of this facility with a high degree of difficulty, given the limited availability of credit and challenging tanker market conditions.

Commenting on the Lloyd’s List award short-listing Nikolai Kolesnikov, Executive Vice President of OAO Sovcomflot, Chief Strategy and Financial Officer, said:

“We are pleased that this internationally-backed refinancing facility has once again been highlighted for its successful outcome, at a challenging time for arranging credit within our industry. The facility reflects the long-standing support of our international financial partners and the confidence they have in our business going forward. Importantly, the funds raised enabled OAO Sovcomflot to optimise its debt repayment profile and strengthen its liquidity position. We await with interest the final outcome of this year’s Lloyd’s List Global Awards.”