10 Aug 2009 17:58

Lukoil raises 3-yr club loan of $1.3 bln from 12 banks

MOSCOW. Aug 10 (Interfax) - Lukoil , one of Russia's biggest oil companies, has raised a three-year club loan facility of $1.2 billion from 12 banks at LIBOR+4%, a source in banking circles told Interfax.

The agreement with the banks, which are Royal Bank of Scotland, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, BNP Paribas, Calyon, Citi, Deutsche Bank, ING, Natixis, Societe Generale, WestLB and Russia's Orgresbank, was signed last week.

Deutsche Bank coordinated the loan.

Lukoil itself declined to comment.

Earlier reports said Lukoil started to negotiate a $1.25-billion loan in the middle of February. At the time, many of the banks doubted the credit would be issued before the middle of the year owing to the general market situation.