RZB and ZAO Raiffeisenbank Austria (RBA) as mandated lead arrangers and a syndicate of international banks have closed a US$200mn crude oil pre-export finance facility for Russia’s OAO Sibneft. The proceeds of the facility will be used to finance the export and sale of crude oil under the export contracts as well as to finance core business investments in the normal course of business.
Arrangers are Bayerische Landesbank and HSH Nordbank. Lead managers are Bankgesellschaft Berlin, KBC Bank, and DZ Bank. LRP Landesbank Rheinland Pfalz is a manager.
The tenor is 39 months from signing (December 2004). The average life of the loan is 3.25 years, while the margin is Libor + 160bp.
Sibneft is the fifth largest and one of the fastest-growing Russian oil companies. Sibneft’s total revenue was US$6.7165bn in 2003 – a 40.6% increase on the previous year. The company net profit grew by 92.6% in 2003 to US$2.2784bn.
Sibneft is among the top twenty private-sector oil companies in the world in terms of proven crude oil reserves. The company’s proven crude reserves audited by Miller & Lents according to SPE specifications made up 4,623mn barrels as of January 1, 2004.