MOL signs €615 mln revolving credit facility agreement
wikimedia commons
Hungarian oil and gas company MOL signed a €615 million revolving credit facility with a group of ten banks yesterday, according to Hungarian news agency MTI.
The facility refinances the €439 mln expired part of the €1 billion revolving credit facility which expired earlier in June 2016.
Due to the favorable market conditions and the positive market response to the announced financing, MOL increased the amount of the facility to €615 mln, MTI reported.
The facility was said to be coordinated by BNP Paribas and Erste Group Bank AG, with Erste Group Bank AG acting as the facility agent.
MOL achieved highly competitive conditions on the facility with the initial margin being 95 bps. The facility was arranged as a club-deal with a group of relationship banks of MOL. The tenor of the facility is 5 years with two one year extension options and incorporates an ʼaccordionʼ mechanism allowing MOL to increase the facility by an additional €300 mln during the life of the facility. The facility can be drawn in euros and dollars.
The new facility further enhances the financial profile and the liquidity position of MOL Group.
ADVERTISEMENT
Nagy: Reducing Inflation 'Most Important' Task for 2023
Hungarian Lawmakers Ratify Finland's NATO Accession
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
