Yamal LNG secures 425 mln euros from Intesa, Raiffeisen under EKN, Hermes guarantees
MOSCOW. June 13 (Interfax) - The shareholders of Yamal LNG voted at an extraordinary general meeting last week to approve the signing of credit agreements with banks Intesa Sanpaolo and Raiffeisen Bank International AG with coverage from Swedish and German export credit agencies EKN and Euler Hermes, the Russian gas company said.
The company said it has signed agreements with European banks, including Raiffeisen Bank International and Intesa Sanpaolo, for provision of 14-year credit lines of up to 425 million euros at rates ranging from EURIBOR 6M + 1.75% to EURIBOR 6M + 2.3% under insurance coverage from these agencies.
The new creditors are joining the conditions of previously raised project financing without increasing the total amount.
As part of the project financing, Yamal LNG earlier received repayable funds from the National Welfare Fund (NWF), and signed agreements for credit lines with Sberbank , Gazprombank , China Development Bank, Export-Import Bank of China, Japan Bank for International Cooperation (JBIC) and Intesa Sanpaolo with coverage from Italian export credit agency SACE and France's Coface.