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LONDON -- has launched syndication of a $610 million loan, backing the borrower's $500 million acquisition of Turkish fuel distributor Akpet, banking sources said Wednesday.
The deal is split between a three-year tranche that pays a margin of 125 basis points over the London interbank offered rate and a five-year tranche that pays 150 basis points, sources close to the loan said.
The loan is no longer underwritten as a result of the financial turmoil that hit the markets last week, but the margins set prior to the crisis have not been increased, the sources added.
Bookrunners are Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Dresdner Kleinwort, ING, Royal Bank of Scotland and WestLB, appointed before the crisis. In June, LUKoil signed a $1 billion loan that was split between a $300 million, three-year tranche paying 85 basis points over LIBOR and a $700 million, five-year tranche paying 95 basis points.
LUKoil Looks to Raise $610M Loan
25 September 2008
Reuters
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