OMV Group refinances EUR 1.5 billion syndicated credit

OMV Group officials have announced the refinancing of a EUR 1.5 billion syndicated revolving credit facility with a five-year maturity. “The signing of this facility extends a refinancing program during which OMV Group has established itself as a borrower in the Eurobond market significantly broadening its investor base. We have substantially reduced the group’s reliance on bank debt and now have a balanced portfolio of bank debt and funds sourced from the capital markets,” said David Davies, CFO of OMV.

This facility replaces the existing one expiring in 2011 and will be used for general corporate purposes. The transaction was arranged by Bank of America/Merrill Lynch, Barclays Capital, BNP Paribas, Credit Agricole, Deutsche Bank, Erste Group, J.P. Morgan, Raiffeisen Zentralbank, Societe Generale and Unicredit Bank Austria as mandated lead arrangers and bookrunners. OMV Group controls 51 percent of Petrom.

Dana Ciuraru

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