MOL has extended by one year and to the value of €470m a revolving credit facility agreement with a tenor of 3 years signed on September 10, 2010, the oil and gas company said on Friday.
The agreement has thereby been extended until September 10, 2014.
The agreement originally was for an amount of €450m, MOL said in 2010 at the time of the signing of the agreement, to refinance a €525m revolving credit facility expiring on October 2, 2010. MOL said later in September 2010 that the credit facility had been increased by €50m.
It was also announced in September 2010 that the extension happened at unchanged terms and the 3-year facility can be extended by an additional year.
The original facility, the remainder of which was refinanced in September 2010 was a €2.1bn a revolving multi-currency three-year facility MOL signed with a banking syndicate, lead-managed by Societe Generale and KBC Bank’s Dublin branch, on October 3, 2007, earlier Econews information shows. The facility carried an initial interest rate of EURIBOR plus 27.5 basis points which was subject to a margin grid based on the ratio of Net Debt to EBITDA.
MOL’s unaudited consolidated IFRS first-half report showed HUF 752.8bn in long-term debt, net of current portion at the end of June 30, 2011. The report said that the main pillars of MOL Group’s long-term funds are its €1bn, €825m and €500m multi-currency revolving loan facilities, in addition to a €750m Eurobond raised in 2005 and the €750m Eurobond raised in 2010 by MOL, and a $1bn syndicated multi-currency revolving loan facility taken by INA.
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