Russian gas major Gazprom has mandated Commerzbank and SG CIB to arrange a US$300mn loan, secured by gas export contracts. The tenor is for six years with a one year grace period.

The arrangers will syndicate the facility in two steps with a general syndication planned for September. Pricing is around 350bp.

Gazprom’s last secured facility was its US$450mn term loan signed in February. This was backed by export receivables and had a margin of 330bp over Libor. Gazprom also recently signed a US$215mn unsecured facility arranged by WestLB with a margin of 400bp over Libor.