24 Mar 2011 19:52

Gazprom Neft may raise $600 mln club loan by end of April

MOSCOW. March 24 (Interfax) - Gazprom Neft plans to raise a five-year club loan totaling $600 million or more before the end of April, sources in banking circles told Interfax.

Four banks will participate in the loan, although the number might increase, one source said. The mandates to organize the loan have not been signed yet.

Gazprom Neft recently agreed a reduction in the interest rate margin on a five-year syndicated loan totaling $1.5 billion to 160 basis points from the initial 210 b.p. One of the sources said the margin on the club loan less than 160 b.p.

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