LUKoil to obtain $250 mln loan refinancing facility
MOSCOW, March 27 (RIA Novosti) - Russia's largest crude producer LUKoil [RTS: LKOH] will obtain a $250 million loan refinancing facility, the company's press office said Tuesday.
LUKoil has instructed ABN Amro and Calyon Bank to arrange an unsecured loan facility at LIBOR + 0.40% per annum with a five-year maturity, the press office said.
The facility is intended to finance the remainder of the $765 million syndicated loan facility secured on export receivables, which the company obtained in 2003, the press office said.
LUKoil intends to use the new borrowing to restructure a part of its debt by replacing a relatively expensive secured facility with a less expensive unsecured loan, the press office said.
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