27 Jul 2010 16:37

TNK-BP plans to borrow up to $1 bln before year-end

MOSCOW. July 27 (Interfax) - TNK-BP plans to borrow up to $1 billion before the end of the year, company CFO Jonathan Muir told the press.

Commenting on reports that TNK-BP will take a $700 million club-deal credit, Muir said the company had approached banks about the possibility of borrowing that amount, should it decide to do so.

TNK-BP is discussing with banks a three-year, unsecured club-deal loan of $700 million, sources reported earlier. The company wants to borrow less than it potentially could, Muir said.

The deal coordinators have yet to be selected, and the banks are only responding to RFP (request for proposal) at this time, he said.

The last time TNK-BP raised a loan from a group of banks was last August - $600 million (secured). The bank syndicate included Deutsche Bank, Bayerische Hypo-und Vereinsbank, ING Bank, Societe Generale, WestLB AG, ABN Amro Bank (London Branch), Helaba, CJSC Bank Inteza, and Nordea.