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Tatneft signs first unsecured loan
11 July 2011
Russian oil firm Tatneft has become the latest Russian commodity producer to have signed an unsecured corporate loan.
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Tatneft
Russian PXF
Taneco project
oil firm
TNK-BP
Metinvest
Russian oil firm Tatneft has become the latest Russian commodity producer to have signed an unsecured corporate loan.
The oil producer, which has typically relied exclusively on pre-export financing structures to raise debt, has signed a $550 million unsecured club loan with a group of eight banks. All eight banks were lenders in Tatneft's $2 billion pre-export financing that signed in June 2010. BTMU, BNP Paribas, Commerzbank, ING Bank, Natixis, Nordea Bank, SMBC and WestLB (London branch) are the mandated lead arrangers and bookrunners on the facility.
The new loan was rumoured to be linked to the second phase of Tatneft’s Taneco project, a refinery and petrochemical complex being constructed in Nizhnekamsk, Tatarstan, but bankers state the loan is simply for working capital purposes, and short-term financing.
The loan represents a new unsecured benchmark in Russia. Larger oil Russian companies such as Lukoil, TNK-BP...
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