Russia’s TNK-BP has closed a US$675mn term loan facility from a syndicate of nine banks.

The medium-term unsecured facility was increased from an initially targeted amount of US$500mn.

Mandated lead arrangers and bookrunners on the deal are Raiffeisen Bank International, Banc of America Securities, Barclays, Citi, ING, Mizuho Corporate Bank, RBS, Société Générale and UniCredit. Raiffeisen also took on the role of co-ordinating bank and facility agent.

“We are pleased to have secured this US$675mn loan facility. Thanks to the warm market reception, the company was able to increase our target borrowing beyond what was initially envisaged to meet the appetite for TNK-BP credit,” comments Jonathan Muir, TNK-BP’s chief financial officer.