Lukoil Obtains $250M Term Loan Refinancing Facility

OAO Lukoil has mandated ABN AMRO and Calyon to arrange an unsecured US$250-million Term Loan Facility.

The Facility is priced at LIBOR plus 0.40% per annum and has a five-year maturity.

The Facility has been arranged to refinance the remaining part of the Company's syndicated pre-export facility obtained in 2003. At that time the Company obtained a US$765-million facility secured on export receivables.

Thus, Lukoil plans to restructure a part of its debt by replacing a relatively expensive secured facility with a less expensive unsecured one.