The agreement replaces the EUR 561 mln tranche of an original EUR 1 billion revolving credit facility dating from 2011. The 2011 revolving credit facility had maturities of EUR 110 mln in June 2017 and EUR 451 mln in June 2018.
As announced on June 29, 2016, the remaining EUR 439 mln tranche of the original 2011 revolving credit facility matured in June 2016 and was refinanced previously.
Due to both favorable loan market conditions and the positive market response to the announced financing, MOL has now increased the amount of the revolving credit to EUR 750 mln. Simultaneously, the remaining EUR 451 mln commitment under the original EUR 1 bln facility is to be cancelled.
The transaction was coordinated by Mitsubishi UFJ Financial Group (MUFG) and UniCredit Bank AGʼs London branch. Société Générale will act as the Facility Agent.
MOL said it achieved highly competitive conditions under the agreement, with the initial margin being 80 basis points. The facility further enhances the financial profile and liquidity position of the company, it added.
The agreement was arranged as a club deal with a group of relationship banks of MOL Group, MTI noted. The new facility has a maturity of five years (with two one-year extension options) and can be drawn in both euros and U.S. dollars.
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