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Gazprombank Loan Said to Top $750M

LONDON — Gazprombank, a former banking unit of Gazprom, has raised more than $750 million on its new three-year syndicated loan from 12 lenders, banking sources close to the deal said Friday.

The deal will be larger than the $300 million to $500 million originally envisioned after attracting a lot of interest, the bankers said.

The loan is scheduled to fund on Sept. 20 and will then be launched to general syndication, a senior banker added.

The mandated lead arrangers are Bank of Tokyo-Mitsubishi, Barclays, Citi, Credit Agricole CIB, Deutsche Bank, ING, JPMorgan, Mizuho, SMBC and WestLB, a second banker said, while BNP Paribas and Nomura joined on Thursday, a third banker added.

The all-in pricing is about 3.5 percent per annum, while the margin is 250 basis points over the London interbank offered rate, the third banker said.

Gazprombank's previous deal was a $450 million refinancing that signed in March 2008 via bookrunners Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, ING, Intesa Sanpaolo and SMBC.

That transaction was split between a one-year $150 million Tranche A carrying a margin of 45 basis points over LIBOR and a three-year $300 million Tranche B, which paid 65 basis points over LIBOR.

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