Bankers cheer uptake for Tatneft’s five year money
Oil group Tatneft is in the final stages of a $900m loan, which it expects to sign at $1.5bn in the next 10 days. The deal, the most widely syndicated facility from Russia this year, raised about $1.9bn and bankers were especially pleased that there was high demand for the five year tranche.
Tatnefts facility, which is in documentation, is split between three and five year pieces, with the former paying a 585bp margin and the latter paying 685bp.
Lenders did not have to commit pro rata and bankers were concerned that few would be interested in the longer debt. But those
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