Company news in September 2004 | |||
TNK-BP Signs a Framework $1 Billion Facility Agreement with Bank Consortium
On September 1, TNK-BP signed a framework $1 billion facility agreement with a bank consortium headed by ABN Amro Bank N.V., BNP Paribas(Suisse) SA and Citigroup, writes the news release of the petroleum company. According to the agreement, the facility will be provided in several tranches. The first one, in the amount of $500 million, was remitted to the company’s accounts on September 2, 2004, the TNK-BP’s announcement goes. The agreement envisages use of borrowed funds towards funding of current operating. The facility is accommodated for 5 years, with the discount repayment period during the first two years. The facility is secured by crude oil supplies in the future. The news release says that TNK-BP appointed three book runner banks to manage the syndication process - Citibank, N.A., that acts as coordinator, ABN Amro N.V., that acts as agent under the facility agreement, and BNP Paribas (Suisse) SA. The facility’s lead managers are ABN Amro Bank N.V., BNP Paribas (Suisse) SA, Calyon, Citibank, N. A., Dresdner Kleinwort Wasserstein, Mizuho Corporate Bank Nederland N. V., Natexis Banques Populaires, Sumitomo Mitsui Banking Corporation Europe Limited and West LB AG. "The concluded facility agreement establishes new standards for TNK-BP’s future borrowings,” Kent Potter, TNK-BP’s CEO, is cited in the news release.
Source: INTERFAX