MOL cancels €975m undrawn credit facility
Hungarian oil and gas company MOL has cancelled €975 million from its undrawn €1.5 billion revolving credit facility expiring October 2, 2010, the company said on the Budapest Stock Exchange website on Tuesday.
Even after the cancellation, the MOL Group has sufficient liquidity headroom reflecting MOL’s strong financial position, they said in a release. The facility, a €2.1 billion multi-currency revolving loan, was signed with banks on October 2, 2007 for three years with bullet repayment and carried an interest rate of EURIBOR plus 27.5 basis points out of the box. This has been MOL's largest Euro-denominated loan transaction so far. (MTI-ECONEWS)
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