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Banks consider Nord Stream repricing
21 September 2011
As Nord Stream seeks to significantly reprice the debt on phase one, some banks have already consented but others may feel the squeeze.
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export credit agency
eca
Euler Hermes
Sace
Nord Stream
phase one
repricing
Commerzbank
UniCredit
Banks have until the end of the month to respond on the repricing of Eu3.9 billion ($5.3 billion) debt for phase one of the Nord Stream gas pipeline project linking Russia to Germany.
Nord Stream and its advisers, Commerzbank and UniCredit, conducted a market sounding in the summer, and following a positive response they entered into the formal process to bring the pricing of Nord Stream 1 in line with the more favourable terms of Nord Stream 2.
With the market turmoil in the intervening period, Nord Stream has also approached lenders on phase two who were not included on phase one, and has offered more appealing upfront fees.
Speaking on the repricing process, Nord Stream’s finance director, Paul Corcoran, says: “We have already received the first...
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