Russian oil company Tatneft has completed its oversubscribed US$2bn pre-export finance facility.

The facility was structured as a self-arranged club deal to raise funds for the oil company’s working capital purposes.

Almost 20 banks were involved in the deal which was split into three tranches at three, five and seven years, priced at 310, 410 and 500 basis points over Libor respectively.

Barclays, BNP Paribas, Bank of Moscow, BTMU, Citi, Commerzbank, ING, Natixis, Nordea Bank, RBS, Sberbank, Société Générale, SMBC, UniCredit, VTB and WestLB were all included in the deal, with UniCredit acting as facility and security agent and WestLB performing as documentation agent.

Legal firm Allen and Overy acted as advisor to the lenders, while Clearly, Gottlieb, Steen and Hamilton provided Tatneft with legal counsel.

Furthermore, Tatneft subsidiary Taneco has successfully prepaid in full the US$2bn bridge construction loan that it obtained in 2007 to finance the construction of the Nizhnekamsk Refining and Petrochemical Complex in Tatarstan.