Kazakhstan
The $2.5bn loan for oil and gas company KazMunaiGas (KMG) has been launched into syndication.
The deal has a three year tenor, and amortises after two years. The facility, which refinances KMG’s $3.1bn bridge loan signed in January, pays a margin of 155bp over Libor.
Banks are being offered tickets of $200m for 100bp, $100m for 85bp, $50m for 70bp and $25m for 60bp. There is also an early bird fee of 5bp if banks commit before June 27. Otherwise, commitments are due on July 4.
ABN Amro and Credit Suisse coordinated the transaction, and Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, Deutsche Bank, SMBC, Société Générale and WestLB are also participating in the deal at the top level.
The deal it refinances was a $3.1bn one year unsecured loan, which was used to fund KMG’s acquisition of Romanian oil and gas company Rompetrol. It paid a margin of 90bp.
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Banks have been signed into the $250m pre-export financing for Turgai Petroleum, which closed at the launch amount. BNP Paribas and Citigroup arranged the deal, which paid a margin of 100bp. Fees on the loan ranged between 50bp and 70bp.
The borrower is 50% owned by Lukoil.
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Russia
Banks have been signed into the $1bn loan for oil and gas company Lukoil. The facility was oversubscribed, but not increased.
ABN Amro, Bank of Tokyo-Mitsubishi UFJ, BBVA, BNP Paribas, ING, Mizuho and WestLB arranged the deal. The unsecured facility was launched in mid-April. It is split between two tranches of three and five years paying 85bp and 95bp over Libor respectively.
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The loan for VTB Bank is likely to be increased to $1.4bn from $1bn, bankers said this week, after the deal was oversubscribed during syndication.
Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, BayernLB, BNP Paribas, Citibank, Deutsche Bank, Intesa Sanpaolo, JP Morgan, Mizuho and SMBC are mandated lead arrangers and bookrunners.
The facility is split between three year money and an 18 month piece, which carry margins of 65bp and 60bp over Libor respectively.
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The $300m debut loan for the Moscow electricity grid, Moesk, is likely to be increased after it was oversubscribed in syndication, bankers close to the facility said this week. Barclays Capital, BNP Paribas and ING are bookrunners, while WestLB is a mandated lead arranger. The two year deal pays a margin of 250bp over Libor.
Proceeds will refinance the company’s 2008 investment programme, and the facility will be launched into syndication shortly.
Russia’s United Energy Systems is the majority shareholder in Moesk, while the City of Moscow and state owned oil and gas company Gazprom also have stakes in the company.
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Bank Saint Petersburg has secured a $100m loan from the European Bank of Reconstruction and Development and 14 other banks that took part in the ‘B’ loan, under the EBRD’s A/B loan structure. The ‘B’ loan totalled $75m, and BayernLB, Banif Investment Bank, Commerzbank, FBN Bank and RZB were mandated lead arrangers. Each of these provided $9m. There were also two arrangers, two lead managers, and five managers, who all took part with different amounts.
The ‘B’ loan paid a margin of 275bp over Libor, and has an 18 month tenor, which is extendible by a further 18 months. The $25m ‘A’ loan has a four year tenor.
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Banks have been signed into a $215m loan for automotive company Gaz, after the deal was increased from $150m. Barclays Capital, Commerzbank and Natixis are arranging the deal, which pays a margin of 250bp over Libor.
During syndication, banks were offered mandated lead arranger tickets of $20m for 120bp and arranger tickets of $10m for 90bp. Gaz manufactures light commercial vehicles and trucks, and is part of the Basic Element holding company, which also owns United Company Rusal.
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Eurasian Development Bank is in the market with a $125m loan arranged by ING, SMBC, RZB and WestLB. It is the borrower’s third syndicated loan, and has a two year tenor. It carries a margin of 100bp over Libor.
The EBD is a joint Kazakh-Russian venture set up in January 2006 to enhance co-operation in the region. The borrower recently said it has big expansion plans in coming years, in its geographical reach and in terms of its lending book.
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Ukraine
BNP Paribas and UniCredit have launched syndication of a $150m facility for Donetsk Iron and Steel Works.
The deal is a pre-export financing. Banks are being asked to participate on tickets of $25m for senior lead arrangers and $15m for lead arrangers.
The borrower is the main steel producer of the Donetsk Steel Group of Companies, or the DS Group, which produces metallurgical coal, coke, pig iron and steel products.
The DS Group is part the Energo Group, which also has assets in Ukraine’s agricultural, logistical, financial and media sectors, and owns a coal mine in Russia
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