Hellenic Petroleum signs 1.18 bln usd syndicated credit facility |
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Published
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Tue, 06 Feb 2007 12:20
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ATHENS (AFX) - Hellenic Petroleum SA subsidiary Hellenic Petroleum Finance said it has signed a 1.18 bln usd syndicated credit facility agreement.The loan, guaranteed by Hellenic Petroleum SA, is the group's first significant transaction on the international markets and is the largest syndicated loan concluded by a Greek corporation in recent years (excluding shipping companies and financial institutions).The loan amount is around 50 pct higher than initially planned and was formed with the support of fifteen leading Greek and international financial institutions. Greek banks account for 32 pct of the commitments, EU banks for 53 pct, US institutions for 8 pct and Japanese institutions for 7 pct.The 1.18 bln usd facility has a five year maturity date with two one-year extension options. The multicurrency account's interest rate is based on the LIBOR and the EUROBOR with a margin ranging from 0.18-0.25 pct per annum.Hellenic Petroleum said the facility will be used for general corporate purposes and for refinancing existing debts of the Group.The loan was agreed on Feb 2, but announced today.Hellenic Petroleum is the largest industrial commercial company in Greece and a leader in south-eastern Europe, specialising in refining and marketing petroleum products and petrochemicals. Currently, it is developing an international portfolio involving the exploration and production of hydrocarbons.cheryl@euro2day.grcn/rarCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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