Gazprom Unit Gets $500M

By The Moscow Times

June 14, 2011

LONDON — Gazprom Marketing & Trading plans to increase the size of a new credit line by 25 percent to $500 million after lenders offered more than it sought, according to a person with knowledge of the deal.

GM&T initially asked for $400 million in a one-year revolving credit. The company agreed to pay initial interest of 150 basis points more than the London interbank offered rate on money it draws from the facility.

Barclays Capital, ING Groep and Royal Bank of Scotland Group are arranging the financing, which will replace a $250 million facility signed last year. Money in a revolving credit can be borrowed again once it has been repaid.

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