Last checked at 28 Jun 2010 16:58
Tatneft announces new USD2 bln financing and prepayment of the TANECO facility
28 June 2010
OAO Tatneft (the "Company") announces today obtaining a new USD2 bln pre-export facility (the "2010 Facility") proceeds of which will be used for working capital purposes. The 2010 Facility is structured as a self-arranged club deal and was substantially oversubscribed. The 2010 Facility is split among three tranches - 3, 5 and 7 years with margins of LIBOR plus 3.10%, 4.10% and 5%, respectively. The 2010 Facility was arranged by BARCLAYS CAPITAL THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, BNP PARIBAS (SUISSE) SA, JOINT STOCK COMMERCIAL BANK "BANK OF MOSCOW" (OPEN JOINT STOCK COMPANY), THE BANK OF TOKYO MITSUBISHI UFJ, LTD., CITIBANK, N.A., COMMERZBANK AKTIENGESELLSCHAFT, ING BANK N.V., NATIXIS SA, OPEN JOINT STOCK COMPANY NORDEA BANK, THE ROYAL BANK OF SCOTLAND N.V. (LONDON BRANCH), SBERBANK (SAVINGS BANK OF THE RUSSIAN FEDERATION), SOCIÉTÉ GÉNÉRALE, SUMITOMO MITSUI FINANCE DUBLIN LIMITED, UNICREDIT BANK AG, ZAO UNICREDIT BANK, VTB BANK (AUSTRIA) AG, VTB BANK (DEUTSCHLAND) AG AND WESTLB AG, LONDON BRANCH. UNICREDIT BANK AG acted as Facility Agent and Security Agent and WESTLB AG acted as Documentation Agent.
It is also announced that today OJSC TANECO, a subsidiary of the Company, has successfully prepaid in full the USD2 bln bridge construction loan (the "TANECO Facility"). The TANECO Facility was obtained in 2007 to finance construction of the Nizhnekamsk Refining and Petrochemical Complex in Tatarstan, operated by OJSC TANECO.
Allen & Overy LLP acted as legal advisor to the lenders, Cleary, Gottlieb, Steen and Hamilton LLP advised OAO Tatneft.
Forward-looking statements: These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. OAO Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.