Russian oil firm Bashneft has come out of the starting blocks with its maiden debt package raised from the international syndication market.

The firm has closed a US$300mn pre-export finance deal secured against crude oil by tapping four banks to syndicate the loan.

The money will be used to refinance debt and for corporate purposes.

BNP Paribas, Deutsche Bank, Goldman Sachs and ING are mandated lead arrangers and bookrunners on the deal.

“The pre-export finance facility raised by Bashneft is a logical step towards improving the debt structure of the company,” says Alexander Korisk, president of the oil firm.

“Broadening the range of financial instruments the company diversifies its debt structure and as a result enhances its financial position and lowers the cost of debt.”