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Deal Analysis: Nord Stream 2

15 April 2011

Lenders maintain solid support for the development of Nord Stream’s twin 1,220 km gas pipelines under the Baltic Sea. John Geddie examines how the final round of financing unfolded.

Read more: Nord Stream export credit gas project Russia gas Gazprom Euler Hermes UFK Sace Saipem Europipe

Nord Stream 2 financing

MLAs: BBVA, BTMU, Barclays, Bayerische Landesbank, BNP Paribas, Caja Madrid, Citibank, Crédit Agricole CIB, Commerzbank, Credit Suisse, DekaBank, Intesa SanPaulo Bank, ING, KfW IPEXBank, Mediobanca, Mizuho, Natixis, Nordea, RBS, SEB, SMBC, Société Générale CIB, UniCredit, WestLB

Borrower: Nord Stream

Amount: Eu2.5 billion

Tenor: Hermes, UFK, Sace tranches: 16 years.

Commercial tranche: 10 years

Lawyers: White & Case; Clifford Chance

ECAs: Euler Hermes, UFK, Sace

Exporters: Saipem (Italy), Europipe (Germany), OMK (Russia), Sumitomo (Japan), EUPC (France)

 

Nord Stream is a project with bold ambitions and equally complex logistical challenges: with 1,220 km of pipeline, reaching depths of 210m below the Baltic Sea, it will pump gas between Russia and Germany, satiating a third of overall European demand. It may seem surprising, therefore, that financing for the second phase of this landmark project eased through to completion on 4 March 2011, closing just five months after the...

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