MOSCOW, April 25 (RIA Novosti) - Russia's largest crude producer LUKoil [RTS: LKOH] has obtained a $250 million loan refinancing facility, the company said Wednesday.
LUKoil instructed ABN Amro and Calyon Bank to arrange an unsecured loan facility at LIBOR + 0.4% per annum with a five-year maturity.
The facility is intended to finance the remainder of the $765 million syndicated loan facility secured on export receivables, which the company obtained in 2003, the company said earlier.
LUKoil said it intends to use the new borrowing to restructure a part of its debt by replacing a relatively expensive secured facility with a less expensive unsecured loan.
LUKoil's charter capital is 21.26 million rubles ($824,670). Russia's ING Bank (Eurasia) is LUKoil's majority shareholder (63.3%), with ConocoPhillips holding a 20% stake.
