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Tatneft – pre-export financing
26 March 2010
Tatneft timed to perfection
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Coordinating MLAs: UniCredit; WestLB
Other MLAs: Akbank; Bank of Moscow; BNP Paribas; Gazprombank; Helaba; ING; Orgresbank; RBS; Société Générale; Vitol; VTB
Borrower: Tatneft
Amount: $1.5 billion
Tenor/margin: two tranches – 3-years (5.85%) & 5-years (6.85%)
Lawyers: Allen & Overy (for lenders); Cleary Gottlieb Steen & Hamilton (for borrower)
Financial advisers: Bank Zenit and Citibank
Offtaker: Vitol |
Coordinating mandated lead arrangers (CMLAs) UniCredit and WestLB brought this deal together for the Tatarstan oil and gas producing company Tatneft, despite the severe prevailing economic conditions last year, and set a benchmark arranging an exceptional transaction. The deal arranged turned out to be the largest pre-export financing (PXF) of 2009 in Russia with substantial oversubscription. It was also the only PXF with a five-year tranche, substantial support from Russian banks, and the only fully syndicated PXF for a CIS borrower.
Acting as CMLAs and bookrunners, UniCredit and WestLB led a group of international banks in the record $1.5...
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