PKN closes syndication, may increase Eu2.5bn deal
Polish oil firm PKN Orlen has closed syndication on its Eu2.5bn five year one plus one refinancing. The size may increase following an oversubscription from a group of up to 15 banks. The initial margin is 135bp based on a leverage grid.
The borrower last approached the loan market in April 2009 when it signed a Eu300m three year revolving credit with mandated lead arrangers BNP Paribas, Barclays Capital, BTMU, Commerzbank, HSBC and SEB.
The new deal will refinance several outstanding syndicated and bilateral credit lines.
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