OMV Petrom, the biggest oil and natural gas producer in South East Europe, has contracted a multi-currency credit line worth EUR 1 bln from a syndicate of 17 banks. The credit line was contracted in order to replace another syndicated credit line contracted in November 2011 and left unused at the time the new loan was signed. The new credit line has a 5-year maturity and can be extended for 2 more consecutive years.
“We have refinanced the credit line contracted in 2011 ahead of its final maturity date in order to benefit from the current favourable developments on financial markets. The expansion of the financing program’s maturity allows OMV Petrom to maintain a solid financial position against a backdrop full of challenges related to the price of oil. The fact that the offer was over-subscribed in a relatively short time is a confirmation of the credibility that OMV Petrom enjoys on financial markets,” OMV Petrom CFO Andreas Matje stated.
OMV Petrom started the process of refinancing the loan by working with BRD – Groupe Societe Generale S.A., Societe Generale S.A. and Unicredit Bank Austria as main syndicate arrangers.
The bank syndicate that contributes to the financing includes 17 Romanian and international banks. The final transaction was made for the sum of EUR 1 bln, the money being set to be used by OMV Petrom, to the extent needed, in order to finance its current operations.