Gazprom Neft (GZPFY: OTC Link) | Gazprom Neft increases the amount of its USD 600 million Club Term Loan Facility to USD 870 million

Gazprom Neft increases the amount of its USD 600 million Club Term Loan Facility to USD 870 million

Nov 02, 2011

OTC Disclosure News Service

Moscow, Russian Federation –

The Board of Directors of Gazprom Neft has approved an amendment agreement to increase the amount of its USD 600 million Club Term Loan Facility signed in April 2011 to USD 870 million. Original terms of the Facility remain unchanged.

The agreement on the increase was reached with a group of banks in August. The increase was achieved by both the increase of commitments of the existing lenders and by accession of a new lender Nordea. The funds will be used for general corporate purposes.

“The success of raising additional funds on original terms and conditions was determined by both the company’s timely reaction to a change in the global financial markets and the support of its relationship banks. Attracting additional funds on the original lending terms will favorably impact the average maturity and the average interest rate on the group’s loan portfolio,” commented Gazprom Neft acting CFO Aleksei Yankevich.

REFERENCE:

The Mandated Lead Arrangers under the Facility currently include Bank of America Merrill Lynch, Citibank N.A., HSBC Bank PLC, ING Bank N.V., Mizuho Corporate Bank Nederland N.V., Nordea and Sumitomo Mitsui Banking Corporation Europe Limited.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/GZPFY/news?id=37276

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