Gazprom Neft to draw down $2.15 club term facility in 6 mos beginning in 2014
MOSCOW. Dec 3 (Interfax) - Gazprom Neft will draw down the $2.15 billion club term facility it has agreed with international banks over six months beginning in 2014, the oil company said in a press release.
The club term facility agreement was signed on November 29, sources in banking circles told Interfax earlier.
"The facility is an amortizing $2.15 billion term loan with a final maturity date falling five years from the date of the first utilization and a two-year grace period. The facility has a six-month drawdown period from the signing date," the press release says.
The interest rate on the unsecured loan is LIBOR plus 1.50% a year. The proceeds will be used for general corporate purposes in 2014.
"Utilizations under the facility are subject to the approval of the company's Board of Directors and are expected no earlier than in 2014," Gazprom Neft said.
The mandated lead arrangers and original lenders under the agreement are Bank of America Merrill Lynch, Barclays Bank PLC, Bayerische Landesbank, Commerzbank Aktiengesellschaft / Commerzbank Aktiengesellschaft, Filiale Luxemburg, Credit Agricole Corporate and Investment Bank, Deutsche Bank Luxembourg S.A., ING Bank N.V., Intesa Sanpaolo Bank Ireland plc, Mizuho Bank Nederland N.V., Societe Generale, Sumitomo Mitsui Banking Corporation Europe Limited /Sumitomo Mitsui Finance Dublin Limited, Bank of Tokyo-Mitsubishi UFJ, Ltd. / BTMU (Europe) Limited / ZAO Bank of Tokyo-Mitsubishi UFJ (Eurasia), Royal Bank of Scotland plc and UniCredit Bank.