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26 Nov 2009 09:55
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26 November 2009
On 24 November 2009 OAO Tatneft issued the following press-release:
USD1.5 blnΒ Loan Agreement Signed with a Syndicate of Banks Led by WestLB, Unicredit, RBS andΒ Β OJSCΒ GazprombankΒ
The ceremony of signing the loan agreement in the amount ofΒ USD1.5 billion between OAO Tatneft and a syndicate of international and Russian banks was been held today in the building of the Cabinet of Ministers (Government) of the Republic of Tatarstan in Kazan. The ceremony has been attended by Rustam N. Minnikhanov, the Prime Minister of the Republic of Tatarstan and the Chairman of the Board of Directors of OAO Tatneft, Shafagat F. Takhautdinov,Β theΒ General Director of OAO Tatneft, and representatives of banksΒ -Β members of theΒ syndicate of lenders.Β
WestLB and Unicredit/HVB acted as CoordinatingΒ Mandated Lead ArrangersΒ and Bookrunners; RBSΒ and JSC Gazprombank acted as the Mandated Lead Arrangers and theΒ Bookrunners;Β OJSCΒ Nordea,Β OJSCΒ Bank of Moscow, BNP Paribas, VTB Europe, Societe Generale, ING, HELABA, AKΒ BankΒ NVΒ acted as the Mandated Lead Arrangers;Β First Bank of Nigeria and KfW Ipex Bank acted as Lead Arrangers,Β Erste Group Bank AG andΒ ZAOΒ Intesa Sanpaolo as Arrangers, Russian Commercial BankΒ (Switzerland) as Lead Manager and FIMBank plc.Β and PPGMΒ wereΒ Lead Arrangers.
In addition to the banks VitolΒ S.A., which is one of the world's leadingΒ commodities, joined the facility as original lender. Vitol also acts as theΒ offtaker under theΒ oil supplyΒ contract which isΒ used as a securityΒ for the loan.Β
The loan is split between two tranches:Β 3 and 5 years, both of which are amortising. The 3 year tranche is priced at LIBOR plus 5.85% p.a. whilst the 5 year tranche is priced at LIBOR plus 6.85% p.a. The new loan will help OAO TatneftΒ to finance construction of the TANECO refinery and petrochemical plants complex in Nizhnekamsk.Β
Despite the fact that the process of arranging the facility took place inΒ veryΒ difficult economic situation,Β the bank lending market participants demonstrated great interestΒ inΒ it and syndication was closed with substantial oversubscription (OAO Tatneft decided not to increase the size of the loan).Β
Zenit Bank and Citi actedΒ asΒ financial advisorsΒ toΒ OAO Tatneft on this transaction. Legal advisers were Cleary Gottlieb Steen and HamiltonΒ LLPΒ (for the borrower) and Allen & OveryΒ LLPΒ (for the lenders). Vitol was advised by Salans.
Forward-looking statements: This announcement may contain certain forward-looking statements of OAO Tatneft.Β OAO Tatneft does not guarantee occurrence of any events mentioned in such statements as well as term of their occurrence.
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