Published: October 27, 2011
Nordea helps boost club loan to US$870mn.
Gazprom Neft, a Russian oil company, has increased the size of the club loan it secured earlier this year after Nordea joined the deal.
In April, the company raised a five-year unsecured US$600mn loan from a group of banks, which included Bank of America Merrill Lynch, Citi, HSBC and ING.
But the size of the loan has now increased to US$870mn after Nordea joined the deal and the existing banks, which also included Mizuho and Sumitomo Mitsui, raised their commitments to the company.
Aleksei Yankevich, Gazprom Neft’s acting CFO, said the raising of additional funds is a “timely reaction” to a change in the global financial markets.
The additional funds will be used for general corporate purposes.