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Gazprom Neft's syndicated loan named "Deal of the Year" by Trade Finance Magazine


In its annual recognition of the most noteworthy commodities and export finance deals, Euromoney publication, Trade Finance Magazine, awarded a "Deal of the Year" to the $1.5 billion syndicated loan secured by Gazprom Neft. Trade Finance Magazine stated in their article on the deal featured in the March 2011 edition that "this jumbo, five-year, structured loan facility repriced the entire market for Russian corporates and tested appetites for Russian risk."

The agreement to provide a five-year $1.5 billion secured loan was concluded on 30 June 2010. The Bank of Tokyo-Mitsubishi UFJ, Ltd., Natixis and Société Générale Corporate & Investment Banking acted as initial mandated lead arrangers, bookrunners and underwriters. The transaction was the first underwritten deal in Russia since the beginning of the financial crisis. In February 2011, Gazprom Neft signed an agreement to decrease the loan interest rate from Libor +2.1% to Libor +1.6% per annum.

"The Trade Finance Magazine award indicates the recognition by the international finance community of Gazprom Neft management's efforts in optimising the company's loan portfolio. The approach of Gazprom Neft and its financiers resulted in a total of 16 banks taking part in the $1.5 billion five-year syndicated loan, making it the most unique deal the Russian market has witnessed since 2008", commented Vadim Yakovlev, First Deputy CEO and CFO of Gazprom Neft.