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Bashneft

May 24, 2013

Bashneft closes a US$ 600 million PXF transaction

Bashneft closed a transaction with a group of international banks to obtain a US$ 600 million pre-export financing facility.

The Company is raising funds for general corporate purposes. The facility has a three-year tenor and is to be repaid in equal instalments after a one-year grace period. The facility is secured with future revenue from the export of petroleum products for the duration of the facility. The interest rate is Libor + 2.35%.

‘We are satisfied with the fact that leading international banks are interested in providing finance for Bashneft, as this reflects their high opinion on the Company’s creditworthiness,’ emphasized Denis Stankevich, Bashneft’s Vice President for Economics and Finance and Chief Financial Officer. ‘The funds that we have raised will enable us to continue diversifying the loan portfolio, ensure a well-balanced currency structure of debt and reduce borrowing costs.’

BNP Paribas acted as a coordinating bank and documentation agent, while Natixis was the facility agent and security agent. Barclays Bank Plc, BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Citi, Deutsche Bank AG, HSBC Bank Plc, ING Bank N.v. , Natixis, OJSC Nordea Bank, Société Générale, JSC Bank «Rosbank» and UniCredit Bank were appointed as Mandated Lead Arrangers.

It is the second time Bashneft raises funds through a syndicated pre-export financing facility after a US$ 300 million facility was obtained in August 2011 from BNP Paribas, Deutsche Bank AG, Goldman Sachs International and ING Bank N.v. as Mandated Lead Arrangers.

 

 

 

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