Romania's OMV Petrom Contracts 1 Bln Euro Revolving Credit Facility

Romanian oil and gas group OMV Petrom said on Thursday it hascontracted a multi-currency credit line amounting to 1 billion euro ($1.1 billion) from a syndicate of 17 banks, which it will use to finance current operations, when needed.

The credit line replaces a similar facility contracted in November 2011, which amounted to 930 million euro, OMV Petrom said in a statement.

The amount of the new credit facilitywassignificantly oversubscribed.It has a maturity of 5 yearsand can be extended for 2 more consecutive years.

The companyrefinanced the previous credit line, whose final maturity was in2016,in order to benefit from the current favourable developments of financial markets, OMV Petrom's CFOAndreas Matje said in the statement.

"Extending the maturity of the financing program allows OMV Petrom to maintain a solid financial position in a challenging crude price environment," he added.

OMV Petromstarted the refinancing procedures having BRD – Groupe Societe Generale SA, Societe Generale SA. and UnicreditBankAustriaAG ascoordinating mandated lead arrangers.

Source: SeeNews