LUKoil plans to obtain a syndicated loan, totaling $500m, before the middle of October 2003, a representative of the company told RBC. The respective preliminary documents are being prepared now. The LUKoil representative pointed out that it was too early to comment on the terms of the loan.
Financial analysts believe that LUKoil's plans to receive this syndicated loan will allow the company to replace its relatively high-interest short-term borrowings with cheaper long-term ones. The obtainment of this loan will increase the company's total debt to $4bn, and the debt to equity ratio will rise to 27.1 percent, which is still a safe level, the analysts reckon.
Earlier it was reported that LUKoil had announced plans to receive a syndicated loan, totaling $500m, on the security of its export revenues. The loan will be divided into two tranches. The term of the first tranche of $200m will be 5 years, and the second tranche of $300m will have a term of 7 years. The organizers of the loan will be Citigroup and ABN AMRO. According to information from the analysts, the company will receive the loan at a rate that will exceed LIBOR by 2-3 percent. The analysts believe that this is a very attractive rate for a loan with such a term.
The Investigative Committee of the Russian Federation put the head of the contractor company of Russia's space corporation Roskosmos, Sergei Slastikhin, on international wanted list
"Washington operators of the sanctions machine ought to get acquainted with the history of Russia, to stop the unnecessary fussing," spokesperson for the Foreign Ministry said