The facility consists of a USD 400 million 364 day USD denominated multicurrency revolving credit tranche with GM&T Ltd. as the borrower and a USD 100m USD single currency revolving credit tranche with GM&T Singapore Pte. Ltd. as the borrower.
The Facility was launched at USD 350 million and was subsequently increased to USD 500 million after being significantly oversubscribed with commitments from 17 international banks from around the world including European, Asian and American banks.
Alexander Kim, Executive Director of Finance, GM&T Ltd., said: “The Company is building upon its successes by continuing to develop its strong position in the market, with the ability to secure this facility representing a vote of confidence in the company’s strategy and future growth plans.”
“For the first time ever, funding was secured via our subsidiary GM&T Singapore Pte. Ltd. This is a very positive development and ties in with PAO Gazprom’s (“Gazprom”) strong focus on expanding its business into the Asia Pacific region.”
As a wholly-owned subsidiary of Gazprom, GM&T Ltd. is responsible for the optimisation of Gazprom’s energy commodity assets and downstream expansion through its marketing and trading network. GM&T Ltd. via this marketing and trading activity also contributes to Gazprom’s wider commitment to ensure reliability of supply in Europe.
Notes to Editor
Gazprom Marketing & Trading Limited (GM&T Ltd)
The Facility refinances the Company’s existing USD 500 million RCF (as last amended on 18 July 2014) and is available for general corporate and working capital purposes.
Gazprom Marketing & Trading Limited (GM&T) is a UK-registered wholly-owned subsidiary of PAO Gazprom (“Gazprom”), the world’s largest gas company by asset base, accounting for 18% of the world’s total natural gas reserves and for about 72% of natural gas reserves in Russia.
GM&T is headquartered in London and was established in 1999 to manage Gazprom's marketing and trading activities in the liberalised markets of Europe.
GM&T is responsible for the optimisation of Gazprom’s energy commodity assets and downstream expansion through its marketing and trading network. With subsidiaries in USA, Singapore, France, Germany, UK and Switzerland, GM&T trades energy commodities including gas, power, oil and oil products, carbon, LNG and FX.
For more information please contact:
+44 (0) 20 7611 3500
Gazprom Marketing & Trading Communications
+44 (0) 20 7756 0000