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Update: Nord Stream repricing deadline put back
04 October 2011
Five banks have been granted an extension on the deadline for the repricing of debt for phase one of the pan-European pipeline project.
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export credit agency
eca
Sace
Euler Hermes
Nord Stream
repricing
deadline
delay
Paul Corcoran
Nord Stream has given the remaining five banks until the end of this week 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 was unable to meet the deadline for responses set to the 26 initial lenders for last Friday 30 September 2011, and has been forced to push the deadline back until the end of this week, 7 October 2011, granting the final banks additional time for internal approvals. This will push financial close back to the end of the month.
Paul Corcoran, Nord Stream’s finance director, explains: “The current market is very difficult and it is not the market that we launched the sounding in back in July. Therefore, internal discussions around this are much more difficult than they were at the market sounding. I think this is...
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