TNK-BP signs benchmark margin with club
Russian oil company TNK-BP last week signed its $1.5bn four year amortising loan. Bank of America Merrill Lynch and BTMU were joint co-ordinators.
Crédit Agricole, HSBC, Mizuho, Nordea, SMBC and WestLB were mandated lead arrangers. The facility was increased from $1bn.
The headline margin of 130bp and an all-in margin of 150bp make it the cheapest deal for a Russian company since the credit crunch hit lending in 2008.
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