Last Updated May 30, 2008
Mandates are currently being finalised for a US$2.5bn three-year unsecured syndicated facility for Kazakhstani oil and gas company KazMunaiGas (KMG).ABN Amro and Credit Suisse are co-ordinating the transaction and Bank of Tokyo-Mitsubishi-UFJ, Barclays, Deutsche Bank, SMBC, Societe Generale and WestLB are expected to arrange the deal in syndication.
The proceeds of the new facility will refinance the company's US$3.1bn one-year syndicated bridge loan that was signed in September 2007. This unsecured loan paid a margin of 90 basis points over Libor and was used to fund the borrower's purchase of Romania's second-largest oil company Rompetrol. The deal featured just three banks prepared to commit in challenging credit conditions and was completed by ABN Amro, Credit Suisse and Calyon as mandated lead arrangers and bookrunners.
A banking source told GTR that lending conditions are currently positive for natural resource producers in Kazakhstan.
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