NOVATEK (the “Company”) announced that the Company’s Board of Directors has approved a US$ 800 million unsecured syndicated term loan facility (the “Facility”).
The Facility is obtained for general corporate purposes including funding our 2008 capital expenditure program.
The Facility has a three year tenor with an 18 month repayment grace period and is to be repaid in quarterly instalments. The Facility pays an initial margin of LIBOR plus 1.25% per annum for the first 18 months and rising to 1.50% per annum thereafter.
The loan is guaranteed by the Company’s subsidiaries - OOO NOVATEK-TARKOSALENEFTEGAS and OOO NOVATEK-YURKHAROVNEFTEGAS.
The Facility is arranged and fully underwritten by BNP Paribas, CALYON, Citibank International plc and Sumitomo Mitsui Banking Corporation Europe Limited. The Facility Agreement was signed on 21 April 2008.
Source: NOVATEK
