Statement re US$250m Refinancing Facility
LUKOIL OBTAINS A US$ 250 MILLION TERM LOAN REFINANCING FACILITY
OAO LUKOIL has mandated ABN AMRO and CALYON to arrange an unsecured US$ 250,000,000 Term Loan Facility (the ‘Facility’).
The Facility is priced at LIBOR plus 0.40% per annum and has a five-year maturity.
The Facility has been arranged to refinance the remaining part of the Company’s syndicated pre-export facility obtained in 2003. At that time the Company obtained a US$ 765,000,000 facility secured on export receivables.
Thus, LUKOIL plans to restructure a part of its debt by replacing a relatively expensive secured facility with a less expensive unsecured one.