Last Updated March 07, 2008
Russian independent gas producer Novatek has mandated BNP Paribas, Calyon, Citi, Sumitomo Mitsui Banking Corporation (SMBC) to arrange an unsecured US$800mn syndicated term loan facility.
The transaction carries a three-year tenor, and an 18-month grace period. The funds are being raised for financing capital expenditures, and refinancing of existing debt. It is being fully underwritten by the initial MLAs who are also acting as bookrunners.
General syndication was launched March 3, 2008, and a bank presentation is taking place in London on March 7.
It pays an initial margin of Libor plus 1.25% per year for the first 18 months, rising to 1.50% per year after that.Novatek is the largest independent gas producer in Russia, and the second-largest natural gas producer in Russia after Gazprom.
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