OMV Petrom, the largest oil and gas producer in South-Eastern Europe, contracted a multi-currency credit line amounting to EUR 1 billion from a syndicate of 17 banks. The new facility is replacing the syndicated loan facility contracted in November 2011 which was not used on the date of contracting the new loan. The new credit line has 5 years maturity and can be extended for 2 more consecutive years, a company release informs.
“We refinanced the credit line contracted in 2011 before its final maturity in order to benefit from the current favourable developments of financial markets. Extending the maturity of the financing program allows OMV Petrom to maintain a solid financial position in a challenging crude price environment. The fact that the loan was oversubscribed in a relatively short timeframe is a confirmation of OMV Petrom’s credibility on the financial markets”, says Andreas Matje, CFO OMV Petrom.
OMV Petrom started the refinancing procedures having BRD – GROUPE SOCIÉTÉ GÉNÉRALE S.A., SOCIÉTÉ GÉNÉRALE S.A. and UNICREDIT BANK AUSTRIA AG as Coordinating Mandated Lead Arrangers.
The bank syndicate which contributes to financing includes a total number of 17 Romanian and international banks.
The final transaction was concluded for the amount of EUR 1 billion, which OMV Petrom will use, when needed, to finance current operations.