KazMunayGas National Oil and Gas Company obtains a syndicated loan worth $1 billion

04 августа 2011, 09:07
KazMunayGas building in Astana. Photo courtesy of astana.kz
KazMunayGas building in Astana. Photo courtesy of astana.kz
KazMunayGas National Oil&Gas; Company has obtained a syndicated loan worth $1 billion. The agreement was signed July 15, the Company’s Press Service reports.

Bank of Tokyo-Mitsubishi UFJ Ltd., ING Bank N.V., Natixis and the Royal Bank of Scotland plc. acted as the underwriters. The marketing strategy enabled to get 9 lenders involved. The deal is viewed as a benchmark for corporate borrowers in Kazakhstan.

According to the statement, JSC Citibank Kazakhstan, Sumitomo Mitsui Banking Corporation and UniCredit Bank Austria AG joined the loan facility during the senior phase as Mandated Lead Arrangers. General Syndication took place in June with the following banks subsequently joining the transaction: Bank of America Merrill Lynch acted as Lead Arranger, Siemens Bank GmbH, Intesa Sanpaolo S.p.A and Mega International Commercial Bank, London Branch as Arrangers, UBS and Export Import Bank of the Republic of China.

The unsecured loan is obtained for 5 years at an interest rate standing at LIBOR +2.10%. The loan facility is the Company’s first since 2008. The funds will go to finance general corporate purposes, including repayment of debt.

KazMunayGas National Company is the owner of 44 oil and gas onshore fields in Mangistau and Atyrau regions. The production divisions of the company have been in operation for more than 90 years. The Company accounts for 65% of overall oil transportation, 100% of gas transportation, 50% of tanker transportation in Kazakhstan. 100 per cent of the Company’s shares belong to the National Sovereign Wealth Fund Samruk-Kazyna.

“In 2010 the Company reached all the targets in terms of production output and financial indicators. Oil processing at the three refineries reached its peak level since independence, making up 13.7 million tons. The Company’s profit totaled over $2 billion, 2.5 times up against 2009. Tax proceeds from the Company made up $2.8 billion. The Company allocated a total of $1.3 million for social projects”, President Kairgeldy Kabyldin had said June 1.

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