Novatek boosts capex 44% to 45 bln rubles in 9M
MOSCOW. Nov 6 (Interfax) - Novatek had capital expenditures totaling 16.28 billion rubles in the third quarter of 2013, up from 11.48 billion rubles in the same quarter last year, the company said in its IFRS financials.
Capex in January-September was almost 45 billion rubles, up 44% from 31.2 billion rubles in the first nine months last year.
In May, company head Leonid Mikhelson said capex this year would be on a par with last year or a little higher (excluding investment in the Yamal LNG project). Capex totaled 43.6 billion rubles in 2012.
In October, Novatek drew on a further $150 million from its syndicated credit line totaling $1.5 billion, on which it reached agreement in June this year. As of the end of September, Novatek had taken $750 million under the credit line, which is at LIBOR+1.75% annually. The company has until June 2014 to draw down the credit line. It must be repaid in five years.
In October Novatek received a $179 million overdraft loan from BNP Paribas at a preliminary interest rate of LIBOR+1%.
