Gazprom Neft has appointed the international banks Banco Bilbao Vizcaya Argentaria (BBVA), Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Barclays Capital, Sumitomo Mitsui Banking Corporation (SMBC), and WestLB AG as leading managers and bookrunners for the syndication of a loan worth up to $1bn, the press office of the Russian energy holding's oil arm reported today according to RBC. The loan is expected to be taken out in two tranches.
Gazprom Neft plans to use the funds raised to develop its business and to refinance its current debt. The loan is to be fully provided by the banks, which intend to launch the syndication in the near future. The contract to this effect was signed on Friday.