The loan replaces credit facilities worth EUR875 million, contracted in 2008 and 2009 and maturing in 2012.
The credit facility, initially launched for an amount of EUR750 million, was oversubscribed, with BNP Paribas, BRD-Groupe Societe Generale, Citi, Raiffeisen Bank International AG and Unicredit as bookrunners and mandated lead arrangers in the transaction.
The bank syndicate includes 14 lenders. The initial margin was set at 1.9 percentage points over the relevant reference rate.
“By extending the financing maturity we maintain our strong financial position in a highly volatile environment,” said Daniel Turnheim, Petrom’s chief financial officer.
At the end of September 2011, Petrom had a debt degree of some 11%.
On November 23, 2011, unused committed facilities available to Petrom amounted to some EUR1 billion.
Petrom posted a net profit of 2.921 billion lei (EUR694.5 million) in the first nine months of the year, double the profit seen in the same interval of 2010.
The company is owned by Austrian oil and gas group OMV, and it is Romania’s largest fuel distributor.
Petrom shares closed down 1.08% Wednesday, to RON0.29. (EUR1=RON4.3588)