JSC Gazprom Neft closed a transaction to attract $2.2 bln unsecured syndicated loan for the term of 3 years with LIBOR +0.75%.
The loan is granted by the banking syndicate including АBN AMRO Bank N.V., Calyon, Citigroup Global Markets Ltd., Commerzbank Aktiengesellschaft, which acted as the bookrunners under the transaction along with 12 other international banks.
The Company intends to use the borrowed funds to finance business extension in such areas as production, refining and oil and oil products marketing.
Despite a very complex situation at the financial markets, the transaction was closed successfully, which fact may serve as the evidence of strong position of JSC Gazprom Neft on the world debt capital markets.
JSC Gazprom Neft is the leading vertically integrated Russian oil company which comprises production, refining and marketing assets; it takes the fifth place in Russia in terms of production and reserves volumes.
S&P rating is BB+. In 2006 the volume of crude oil production made 32.7 mln tons, refining – 24.4 mln tons. 75.68% stock of JSC Gazprom Neft is owned by Gazprom Group. US GAAP revenue for H1 2007 was $9.243 mln, EBITDA made $2.710 mln, net profit amounted to $1.862 mln.