MOL signs €615 mln revolving credit facility agreement
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.
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