25 September 2003 11:29
YUKOS to receive $1 bln syndicated loan
A syndicate of banks will loan Russian oil major Yukos $1 billion in two equal tranches. Interest will be Libor plus 1.5% on the first, three-year tranche, and Libor plus 1.75% for the first three years and Libor plus 2% for the next two years of the second, five-year tranche, a source in the banking sector has reported. The rate on the second loan may be reduced if Yukos received a long- term credit rating on foreign currency borrowing of BBB- (Standard & Poor's) or Baa 3 (Moody's), the source said. Repayments are to be made quarterly after a 12-month grace period.
Yukos has neither confirmed nor denied this news. The company said that the terms of the loan would be shown on the company's financial report. Yukos has BB (S&P) and Ba2 (Moody's) foreign currency ratings at present.
Yukos to raise long-term loan with Citibank, Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC, ING and SG Corporate and Investment Banking. The amount is $1 bln.
Yukos looks West for expansion OIL AND GAS
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