Gazprom Neft Oversubscribes USD 1.5bln Pre-Export Finance Facility
OREANDA-NEWS. September 14, 2010. Gazprom Neft is pleased to announce the successful closing of a USD 1.5bn 5-year Pre-Export Finance Facility following the close of General syndication.
The transaction was initiated at USD 1bn level but due to high interest towards this transaction from Debt market participants the Company raised additional volumes with simultaneous decrease of the margin to 210 bppa – the level that was fixed in the respective credit facility agreement. Even though the facility was ultimately oversubscribed during the General syndication stage the Company took the decision to limit its amount to USD 1.5bn.
The funds under the Facility will be used for general corporate purposes.