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Gazprom Neft closes bid book for syndicated loan

Gazprom Neft has successfully closed a $1.5bn five-year pre-export finance facility following the close of the general syndication, the company's press office announced today. According to the Russian oil company, it originally planned to take out $1bn, but the high interest in the transaction registered on the debt market prompted Gazprom Neft to increase financing and bring the margin down to 210 basis points per year. "Despite the oversubscription that the company enjoyed during the general syndication, the management passed a decision to limit the deal amount to $1.5bn and close the bid book at this level," the company's statement reads. Funds raised in accordance with the syndicated pre-export agreement will be used for general corporate purposes.

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