The US$450mn 5.5-year secured term loan for Russia’s Gazprom, has closed. Mandated lead arrangers and underwriters are ABN Amro (bookrunner), Dexia, HVB (bookrunner, facility agent) and WestLB. The loan is the second largest syndicated loan facility extended to a Russian company since 1998. Some US$500mn was raised, but not taken up.
The funds will be used to finance the modernisation and upgrading of the gas supply system of Russia and to develop gas production facilities (including the Zapolyarnoe gasfield) in order to comply with obligations towards European gas offtakers.
The facility is secured by trade receivables under a long-term gas export contract.
The general syndication followed a senior syndication during which ING Bank and UFJ Bank joined as lead arrangers and DZ Bank as an arranger.
Bank syndicate details:
Mandated lead arrangers
ABN Amro Bank NV
Bayerische Hypo- und Vereinsbank AG
Dexia Crédit Local
ING Bank NV
UFJ Bank Limited
DZ Bank AG
The Bank of Tokyo-Mitsubishi, Ltd
Société Gén érale
Erste Bank der oesterreichischen Sparkassen AG
Landesbank Hessen-Th íringen
SanPaolo IMI Bank Ireland plc
CIC Cr édit Industriel et Comm ércial
Bank fír Arbeit und Wirtschaft AG
Bank of Ireland
Credit Suisse First Boston
Garanti Bank International NV
Hungarian Foreign Trade Bank
Sabanci Bank plc
National Bank of Kuwait (International) plc
Sumitomo Banking Corporation