ING in Russia

ING in Russia

Gazprom Neft made a drawdown under the previously arranged club facility in the amount of $2.15 billion

29.11.2013.Gazprom neft has signed a $2.15 billion club term facility agreement with a group of international banks including ING Bank N.V.

29.11.2013.Gazprom neft has signed a $2.15 billion club term facility agreement with a group of international banks including ING Bank N.V.

The facility is an amortizing* $2.15 billion term loan with a final maturity date falling five years from the date of the first utilization and a two-years grace period. The facility has a six-month drawdown period from the signing date.

The interest rate under the facility is the sum of LIBOR and 1.50% per annum. Funds are provided on an unsecured basis and shall be used for general corporate purposes in 2014.

The agreement was signed with such banks as: ING Bank N. V., Bank of America Securities Ltd, Barclays, Commerzbank, Credit Agricole, Societe Generale, ZAO Bank of Tokyo-Mitsubishi UFJ (Eurasia), Royal Bank of Scotland plc and other banks.

 

* Amortization of a loan is a gradual decrease in debt principal due to the borrower’s regular repayments.