TNK-BP is seeking to secure a credit facility worth $1.5 billion, Reuters reports. The Russian oil company has approached 10 relationship banks, including BayernLB, Citigroup, Credit Agricole, HSBC, Mizuho, Nordea, SMBC and WestLB, to participate in the deal.
Lender’s credit approvals for the four-year club loan, which is priced at 130 basis points, is expected by August 5. On the transaction, Bank of America and Bank of Tokyo-Mitsubishi UFJ are acting as coordinators and book-runners.
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