- The EUR 1 billion multi-currency credit line replaces a similar facility contracted in November 2011, which amounted to EUR 930 million, with maturity in 2016
- The amount of the new credit facility was significantly oversubscribed, demonstrating the solid financial position of the company
OMV Petrom, the largest oil and gas producer in South-Eastern Europe, contracted a multi-currency credit line amounting to EUR 1 billion from a syndicate of 17 banks. The new facility is replacing the syndicated loan facility contracted in November 2011 which was not used on the date of contracting the new loan. The new credit line has 5 years maturity and can be extended for 2 more consecutive years.
"We refinanced the credit line contracted in 2011 before its final maturity in order to benefit from the current favourable developments of financial markets. Extending the maturity of the financing program allows OMV Petrom to maintain a solid financial position in a challenging crude price environment. The fact that the loan was oversubscribed in a relatively short timeframe is a confirmation of OMV Petrom’s credibility on the financial markets", says Andreas Matje, CFO OMV Petrom.
OMV Petrom started the refinancing procedures having BRD – GROUPE SOCIÉTÉ GÉNÉRALE S.A., SOCIÉTÉ GÉNÉRALE S.A. and UNICREDIT BANK AUSTRIA AG as Coordinating Mandated Lead Arrangers.
The bank syndicate which contributes to financing includes a total number of 17 Romanian and international banks.
The final transaction was concluded for the amount of EUR 1 billion, which OMV Petrom will use, when needed, to finance current operations.
About OMV Petrom
OMV Petrom is the largest integrated oil and gas group in South-Eastern Europe, with an annual oil and gas production of approximately 66 mn boe in 2014. The Group has a refining capacity of 4.5 mn tons / year and operates an 860 MW high efficiency power plant and a 45 MW wind park. OMV Petrom is present on the oil products retail markets in Romania and neighboring countries through approximately 780 filling stations as of end of 2014.
OMV, one of Austria’s largest listed industrial companies, holds a 51.01% share in OMV Petrom. The Romanian state, via the Ministry of Energy, Small and Medium Enterprises and Business environment, holds 20.64% of OMV Petrom shares, the Property Fund holds 18.99% and 9.36% is free float on the Bucharest Stock Exchange.
In the last ten years investments for the consolidation and modernization of OMV Petrom amounted to more than EUR 11 bn. The annual direct, indirect and induced impact of OMV Petrom in Romania’s GDP is around 4.5%.
Starting 2007, OMV Petrom integrated the principles of corporate responsibility within its business strategy. In this period, the company allocated more than EUR 40 mn for the development of communities in Romania, focusing on environment protection, education, health and local development. "Andrei’s School" is the main platform for community involvement.